Some HOLDRs Turned Out to Be Folders

People are always looking for signs of a market top: increased takeover activity, lowered savings rates or stretched valuations.

Now there may be yet another indicator: Merrill Lynch's (MER Quote) HOLDRs.

The most recent of these exchange-traded baskets hit the market right about the time their respective sectors hit the skids. Investors who bought any of the last four HOLDRs portfolios have seen a lot of red and very little green. (Holdings of these baskets can be found in a recent story.) ...