Technology and Materials have been the major drag on the market this week, through Wednesday. Surprisingly, Financials and Energy have held up pretty well. It’s tough for the Technology sector, the S&P 500, and the Nasdaq to perform when the biggest market-cap company—Apple (AAPL)—misses estimates for the first time in forever, I think. Or was it 2004?
Last week things looked rosy for the markets, after the European bailout fund was finally ratified by the last holdout, Slovakia, just 10 days before the October 23 EU summit.