NEW YORK (ETF Digest) -- On second thought, some leading tech names saw heavy profit-taking on Wednesday. IBM and Intel (INTC) saw their shares fall as earnings reports disappointed either on revenue or guidance. Apple (AAPL) still an outsized weighting in tech sector ETFs (QQQ) & (XLK) kept losses from being too great as the shares only sold-off slightly.

Why the sell-off Wednesday? You might think the eurozone (again) and you'd be partially right as more bad news dumped rain on the bulls' parade. And that rain was from the plain in Spain? It seems there is more bad Spanish loans and the costs for propping up banks there is soaring. The Argentine takeover of Rapsol's YPF is still reverberating throughout markets there as well. All the news from across the pond wasn't limited to Spain as the Bank of England has decided there will be no more QE in the UK for now. Bulls don't like anything like that certainly.

A little covered story is that the wireless telephone market (IYZ) may now be starting to shrink as sales of wireless contracts, the most lucrative segment of the business may have shrunk for the first time ever according to

this report from Bloomberg

. So, perhaps we'll now see the effects of saturation and some folks wanting a new iGadget may be loathe to sign up for a new contract.

The dollar (UUP) was higher on the day given some eurozone weakness and gold (GLD) prices dropped in tandem with a stronger dollar. Oil (USO) prices fell most likely combined with a higher dollar and softer European demand. As stocks fell modestly bond (TLT & IEF) rose.

Volume was ultra-light and breadth per the WSJ was negative.

Image placeholder title

Join the banter with us on

twitter

and

facebook

.

Image placeholder title

SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title
Image placeholder title
Image placeholder title

IWM - The

iShares

Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.

See more details

Image placeholder title

QQQ -

PowerShares

Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded

fund. PowerShares

QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index.

See more details

Continue to U.S. Sector, Stocks & Bond ETFs

Image placeholder title
Image placeholder title
Image placeholder title

XLK - The Technology Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Technology Select Sector Index (ticker: IXT). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title
Image placeholder title

SOXX - The iShares PHLX SOX Semiconductor Sector Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S.-listed semiconductor stocks as represented by the PHLX Semiconductor Sector Index ("the Index").

See more details

Image placeholder title
Image placeholder title

XLF - The Financial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Financial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title
Image placeholder title

XLB - The Materials Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Materials Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title
Image placeholder title

XLY - The Consumer Discretionary Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Consumer Discretionary Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title
Image placeholder title

XLI - The Industrial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Industrial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title

IEF - The

iShares

Barclays 7-10 Year Treasury Bond Fund seeks to approximate the total rate of return of the intermediate-term sector of the United States Treasury market as defined by the Barclays Capital U.S. 7-10 Year Treasury Bond Index.

See more details

Image placeholder title

HYG - The

iShares

iBoxx

$ High Yield Corporate Bond Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the

iBoxx

$ Liquid High Yield Index, a corporate bond market index compiled by the International Index Company Limited.

See more details

Image placeholder title

MUB - The iShares S&P National AMT-Free Municipal Bond Fund seeks results that correspond generally to the price and yield performance, before fees and expenses, of the municipal bond sector of the United States as defined by the S&P National AMT-Free Municipal Bond Index.

See more details

Continue to Currency & Commodity Market ETFs

Image placeholder title

UUP - The

PowerShares

DB US Dollar Bullish Fund (Symbol: UUP) is based on the Deutsche Bank Long US Dollar Index (USDX®) Futures Index¿ (DB Long USD Futures Index). The Index, which is managed by DB Commodity Services LLC, is a rules-based index composed solely of long USDX® futures contracts.

See more details

Image placeholder title

FXE -

CurrencyShares

Euro Trust is designed to track the price of the euro net of Trust expenses, which are expected to be paid from interest earned on the deposited

euros

.

See more details

Image placeholder title

FXY - CurrencyShares Japanese Yen Trust is designed to track the price of the Japanese Yen net of Trust expenses, which are expected to be paid from interest earned on the deposited Japanese Yen.

See more details

Image placeholder title

GLD - The objective of the SPDR® Gold Trust¿ is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.

See more details

Image placeholder title

GDX - The Gold Miners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE

Arca

Gold Miners Index. The Index provides exposure to publicly traded companies worldwide involved primarily in the mining for gold, representing a diversified blend of small-, mid- and large- capitalization stocks. As such, the Fund is subject to the risks of investing in this sector.

See more details

Image placeholder title

SLV - The objective of the

iShares

Silver Trust is for the value of the shares of the

iShares

Silver Trust to reflect, at any given time, the price of silver owned by the

iShares

Silver Trust at that time, less the

iShares

Silver Trust's expenses and liabilities.

See more details

Image placeholder title

JJC - The Dow Jones-UBS Copper

Subindex

Total

ReturnService

Mark is a sub-index of the Dow Jones-UBS Commodity Index Total

ReturnService

Mark and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.

See more details

Image placeholder title

DBC - The PowerShares DB Commodity Index Tracking Fund (Fund) is based on the Deutsche Bank Liquid Commodity Index -- Optimum Yield Diversified Excess Return¿ (Index) and managed by DB Commodity Services LLC. The Index is a rules-based index composed of futures contracts on 14 of the most heavily-traded and important physical commodities in the world. You cannot invest directly in an index. Ordinary brokerage commissions apply.

See more details

Image placeholder title

USO - The United States Oil Fund, LP ("USO") is a domestic exchange traded security designed to track the movements of light, sweet crude oil ("West Texas Intermediate").

See more details

Image placeholder title

UGA - The United States Gasoline Fund LP (UGA) is an exchange traded security that is designed to track in percentage terms the movements of gasoline prices.

See more details

Image placeholder title

XLE - The Energy Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Energy Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.

See more details

Image placeholder title

DBA - The

PowerShares

DB Agriculture Fund is based on the Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess Return¿ and managed by DB Commodity Services LLC. The Index is a rules-based index composed of futures contracts on some of the most liquid and widely traded agricultural commodities. The Index is intended to reflect the performance of the agricultural sector. You cannot invest directly in the Index. Ordinary brokerage commissions apply.

See more details

Continue to Overseas Sectors & ETFs

Image placeholder title

EFA - The

iShares

MSCI EAFE Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the European, Australasian and Far Eastern markets, as measured by the MSCI EAFE Index.

See more details

Image placeholder title

EEM - The

iShares

MSCI Emerging Markets Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in emerging markets, as represented by the MSCI Emerging Markets Index.

See more details

Image placeholder title

EWJ - The

iShares

MSCI Japan Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Japanese market, as measured by the MSCI Japan Index.

See more details

Image placeholder title

EWU - The

iShares

MSCI United Kingdom Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the British market, as measured by the MSCI United Kingdom Index.

See more details

Image placeholder title

EWG - The

iShares

MSCI Germany Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the German market, as measured by the MSCI Germany Index.

See more details

Image placeholder title

EWP - The iShares MSCI Spain Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Spanish market, as measured by the MSCI Spain Index.

See more details

Image placeholder title

EWY - The

iShares

MSCI South Korea Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the South Korean market, as measured by the MSCI Korea Index.

See more details

Image placeholder title

VNM - The Vietnam ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Vietnam Index. The Index provides exposure to publicly traded companies that, predominantly, are domiciled and primarily listed in Vietnam and which generate at least 50% of their revenues from Vietnam. The Index also includes non-Vietnamese companies that generate, or are expected to generate, at least 50% of their revenues from Vietnam, or that demonstrate a significant and/or dominant position in the Vietnamese market and are expected to grow. As such, the Fund is subject to the risks of investing in this country.

See more details

Image placeholder title

EWZ - The

iShares

MSCI Brazil Index Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Brazilian market, as measured by the MSCI Brazil Index.

See more details

Image placeholder title

RSX - The Russia ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the

DAXglobal

® Russia+ Index. The Index provides exposure to publicly traded companies that are domiciled in Russia, and traded in Russia and/or on leading global exchanges. As such, the Fund is subject to the risks of investing in this country.

See more details

Image placeholder title

EPI -

WisdomTree

India Earnings Fund seeks investment results that correspond to the price and yield performance, before fees and expenses, of the

WisdomTree

India Earnings Index.

See more details

Image placeholder title

FXI - The

iShares

FTSE China 25 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE China 25 Index.

See more details

Image placeholder title

The

NYMO

is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

Image placeholder title

The

McClellan Summation Index

is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

Image placeholder title

The

VIX

is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.

Continue to Concluding Remarks

Thursday brings Jobless Claims, Existing Home Sales, The Philly Fed Survey and Leading Indicators. Earnings will focus on Bank of America and Morgan Stanley.

Let's see what happens.

Disclaimer: The ETF Digest maintains active ETF trading portfolio and a wide selection of ETFs away from portfolios in an independent listing. Current positions if any are embedded within charts: Lazy & Hedged Lazy Portfolios maintain the follow positions: VT, MGV, BND, BSV, VGT, VWO, VNO, IAU, DJCI, DJP, VMBS, VIG, ILF, EWA, IEV, EWC, EWJ, EWG, & EWU.

The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security.  Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period.  Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at

www.etfdigest.com

.

Dave Fry reads:

Zero Hedge

Jesse's Cafe

Deal Breaker

Risk Watchdog

Consumer Metrics Institute

On Twitter, Dave Fry follows:

ZeroHedge

GSElevator

HFTAlert

DavidGillieETF

Pimco