Friday's action was relatively uneventful with indices finishing near the day's lows, but none accelerating on Thursday's losses. The one change on the intermediate term time frame was the net bearish turn in technicals for the Nasdaq 100. The index remains range bound from August and has struggled as Semiconductors, Small Caps (and now Large Caps) have shone.

Internet troubles have limited me tonight, but the one chart I want to show is the near 5% loss in the Semiconductor Index.  Having escaped relatively unscathed from recent day's selling it was a whirlwind of action for the index today.

Sellers kept pressure on the Russell 2000 with the Nasdaq and Large Caps also partaking in the profit taking merrymaking. Large Caps had begun with a boost, the Dow in particular had started well, but was pegged back to finish with an inverse 'gravestone' doji. With sellers picking up the pace in the Nasdaq and Russell 2000 there is a good chance the 'gravestone' doji will hold to its name and deliver trouble tomorrow.

It didn't last long, but sellers quickly ran out of steam. Monday had the look of a profit taking, but buyers were quick to make a reappearance. Will markets make it back to Fib retracements? They look a long way way away.