Disconcerting? Yes. Panic-driven? No.
Technology continued to stay under water, though considering how far the tech sector has come in the past four months, the losses can hardly be considered disastrous -- unless of course you bought at the highs.
TheStreet.com Internet Sector
index was down 33.08, or 3%, at 1063.47. The DOT hit a low of 1060.90 around 11:20 a.m. EST, bounced as high as 1078.32 at 11:55 and has traded mostly sideways since then.
TheStreet.com New Tech 30 was down 9.68, or 1.3%, to 713.67.
Among stocks on the move,
was down 24 3/4, or 8%, to 267. And while that was far from the 325 1/2 high it made on Feb. 11, it was still above the 203 3/4 low from Jan. 31.
, which was down 7 3/4, or 3.9%, to 192 1/2, was still near its all-time high of 208 made on Feb. 14. And
, the hottest IPO of the year, was down 25, or 9%, at 240, declining the past two sessions after peaking at 300 in its fifth day of trading last Thursday as traders jumped at the stock of the business-to-business software maker.
was bucking the trend, up 5 3/16, or 4%, at 127 3/4.
Elaine Yager, senior technical analyst and vice president with
Herzog Heine Geduld
, said she saw losses in the tech sector as "orderly," and not problematic, yet.
"At any point in time for these stocks to give back 10 to 20% wouldn't be a surprise," she said. "If you don't have deep enough pockets to handle a 20% decline in the index, then you shouldn't be in that market."
Yager said she saw no sense of urgency among market participants, though that did not mean the sector would not go down further. She said there is minor support in the
at 4300, which was the high from Jan. 24, and at 4192, the high from Jan. 3. If those levels do not hold, Yager said, traders may become more uncomfortable, losses more panic-driven and a test of the intraday low of 3,711.00 possible.
Yager also looked at TheStreet.com Internet Sector index and noted that it has seen greater losses than the rest of the tech sector and was closer to some support levels that could indicate whether selling will accelerate or stocks would rebound. She noted that the January low of 1007 made on Jan. 31 would provide some support, while there also was a gap from 994.71 to 979.07 from Dec. 2 to Dec. 3 that could be targeted and filled. But more critical support is at the Dec. 1 low of 915.02. If 915 does not close, she said losses to the 795.50 area could come into play. She got that level by subtracting January's 1007.00 low from the all-time high, Jan. 3's 1218.47, then subtracting that (rounded up to 211.50) from 1007 to get 795.50.