For what it is worth, the SPX is trying to stabilize at yesterday's lows. Meanwhile, the DJIA has pushed through yesterday's lows and it testing August's lows. That isn't what I would call constructive action...

So much for my post below about muted action in the major indices. Check out the intraday chart of the SPX...

Chart Courtesy of Thomson/ILX

While the overall action in the major indices is muted, checking in on my list of 35 or so major sector Exchange Traded Funds (ETFs) shows some movement. As you may be able to deduce from the list below, there is a negative bias at the sector level. Three-quarters of my list is trading lower and a quarter of the list is down by more than one percent. The groups holding above breakeven are the ones that have been strongest over the last few months. Those leading the downside charge are the mainstays of the tech world. In the last couple of weeks I have noted how these have been the weakest stocks (over the intermediate-term) yet have bounced. Is this the beginning of a "reversion to the mean" move? In others words, is money flowing back to the utilities/energy/commodities and away from the semis/software groups?

Top Five Performing Sector Exchange Traded Funds:

• Utilities HOLDRS (UTH) = +0.79 percent
• iShares DJ Utilities (IDU) = +0.64 percent
• iShares DJ Energy (IYE) = +0.60 percent
• Oil Service HOLDRS (OIH) = +0.53 percent
• iShares GS Natural Resources Fund (IGE) = +0.52 percent

Bottom Five Performing Sector Exchange Traded Funds:

• Wireless HOLDRS (WMH) = -1.28 percent
• Software HOLDRS (SWH) = -1.31 percent
• Internet HOLDRS (HHH) = -1.72 percent
• Semiconductor HOLDRS (SMH) = -2.04 percent
• iShares GS Semiconductor Fund (IGW) = -2.12 percent

Citigroup is making a new annual low and pushing below this support zone...

After consolidating on the 40 level I noted Taser International (TASR) is showing signs of bouncing. Given the skepticism on this stock, I think it continues to offer opportunity.

My post below on Sirius Satellite Radio (SIRI) appears to have caused a little confusion. I apologize for that. If you follow the link in that post you will be taken to this commentary. What I was trying to point out (with too few words) was that the shares held that support zone and are starting to creep higher. Given that the sentiment on this stock is also somewhat skeptical (which is a bullish contrarian sign) I think it might be worth watching how the shares react here.