Even God rested a day, though there's nothing on record to suggest he ever took profits.

Investors decided to get out while the getting was good, booking some cash while they could. The

Nasdaq

ended the day down, 97.50, or 2.3%, at 4177.17, while

TheStreet.com Internet Sector

index dropped 28.62, or 3.2%, to 867.78.

We'll steal some commentary from

Todd Harrison

, trader and partner with

Cramer Berkowitz

, who's filling in for

James Cramer

over at

RealMoney.com

this week. Just about anyone can tell you profit-taking was going on today, but Harrison imparts a little tidbit about the market that daytraders might be interested in.

"Curious phenomena permeate your mind when you sit and stare at a

eight? computer screen

s all day. You notice intricacies in the marketplace that have no historical or legitimate reasoning, but seem to work more often than not," writes Harrison. "One of these curiosities is what we like to call the 'contra' hour. It's pretty simple, but it's the notion that the price action, or direction, of the market from 2 to 3 p.m., will reverse itself in the last hour of trading. It's a freaky, nonsensical, goofy thing that has no legitimate reasoning. But just start paying attention ... because it's bizarre."

Now, where else can you get insight like that?

Today, the Nasdaq pushed higher from about 2:30 p.m. to 2:50 p.m., then reversed course and closed on a weak note. Blame was placed on a slightly stronger

Consumer Price Index

report. There also were some rumblings that a negative piece on Internet stocks in

The Wall Street Journal

had an impact, though it basically was just a rehash of what's gone on in the sector in the past few months.

Bottom line: Tech stocks have rallied strongly over the past few weeks and traders were quick to book some profits after the market opened weaker today. And after the close today, a number of high-profile tech stocks were scheduled to report, including

Microsoft

(MSFT) - Get Report

and

Intel

(INTC) - Get Report

. Taking a hit were stocks that had run up heavily into their earnings reports no matter whether they bested estimates or not.

Among those stocks that reported yesterday,

Copper Mountain Networks

(CMTN)

ended down 29 1/2, or 24%, at 94 3/16. But note it had rallied about 30% in the past three sessions.

Digital Island

(ISLD)

, which gained about 16% over the past week ahead of its report, closed down 6 9/16, or 15%, at 38 1/16. And

Go2Net

(GNET)

, which rallied 30% in the past week, closed down 7 1/8, or 12.3%, at 50 7/8.

Efficient Networks

(EFNT)

, which reported this morning, closed down 13, or 12.8%, at 89.

Also in the spotlight were any number of stocks that were reporting after the close.

Commerce One

(CMRC)

finished up 2 3/16, or 3.4%, at 66 9/16, and seems ripe for profit-taking tomorrow.

i2 Technologies

(ITWO)

climbed 3 1/8, or 2.3%, to 139. And

DoubleClick

(DCLK)

ended down 2, or 5.3%, at 35 1/2.

2:02 P.M.: Traders in Tech Focus on Earnings

Technology stocks remained lower at midday, with one eye on earnings that already have been reported and the other on those that are yet to be reported.

The

Nasdaq

was down 62.6, or 1.46%, to 4212 in recent trading, as traders booked profits from the recent run-up in technology shares.

TheStreet.com Internet Sector

index fell 23.96, or 2.67%, to 872.55.

A slew of key earnings reports will be delivered after the close today. The companies scheduled to report include

Microsoft

(MSFT) - Get Report

,

Intel

(INTC) - Get Report

and

Apple

(AAPL) - Get Report

.

Also on the docket tonight, online advertising company

DoubleClick

(DCLK)

. Our own George Mannes

writes that investors will be taking a close look at DoubleClick's numbers for a better indication about the slowdown in online advertising sales. Many of those fears were alleviated last week when

Yahoo!

(YHOO)

posted strong numbers, though the market will be looking to see if Yahoo! was an isolated case. DoubleClick was down 4% in recent trading.

Commerce One

(CMRC)

, which builds internet-based commercial exchanges, was up 3.9% in front of its report tonight. Our own Joe "B2B" Bousquin

writes that Commerce One will have a tough time living up to expectations after rival

Ariba's

(ARBA)

strong report

last week.

Also in the B2B space,

i2 Technologies

(ITWO)

is scheduled to report. It was up 4.1%.

Infrastructure play

Foundry Networks

(FDRY)

, which also reports later today, was seeing some profit-taking in advance of the numbers. It was down 6.1%.

Stocks that were seeing post-earnings profit-taking include

Copper Mountain Networks

(CMTN)

, which dropped 19.3%,

Digital Island

(ISLD)

, down 10.9%, and

Go2Net

(GNET)

, down 6.9%.

Efficient Networks

(EFNT)

, which blew away quarterly estimates this morning, was down 8.8%. Efficient, which makes broadband access devices, reported a loss of 3 cents a share versus the 15-cent share loss estimate from

First Call/Thomson Financial

. It had traded from a low of 64 3/4 on July 6 to a high of 105 15/16 yesterday.

10:45 a.m.: Broad Profit-Taking Dampens Tech's Week-Long Rally

Technology stocks were taking a well-deserved break this morning after running up over the past week. Profit-taking was to blame despite mostly solid earnings reports last night and before today's opening bell.

In early trading, the

Nasdaq

was down 74 to 4201.

TheStreet.com Internet Sector

index, the

DOT, was down 19 to 878.

Todd Harrison, head trader for

Cramer Berkowitz

hedge fund is filling in for the vacationing Jim Cramer over at

RealMoney.com

and provides what is a relatively simple concept, but one that is worthwhile to revisit during earnings season. He points out that many stocks that ramp up into their earnings will see selling after the numbers come out, regardless of how strong those numbers are.

"It's not that they can't continue their upward ascent with a good number," he wrote, "it's just that I, as a trader, would much prefer to see a stock consolidate before announcing earnings. If a preponderance of players are buying a stock for good earnings, they're most likely going to sell on the catalyst. That's what it means when you hear the commentary that `a good number is already in the stock.'"

Copper Mountain Networks

(CMTN)

was a prime example of what Harrison was talking about, rising more than 30% in the three days ahead of yesterday's earnings report. The Internet infrastructure company was down 18.3% despite reporting earnings of 24 cents a share versus the

First Call/Thomson Financial

estimate of 23 cents.

Digital Island

(ISLD)

, which gained about 16% over the past week ahead of its report, was down 10.2%. The content delivery provider reported a loss of $1.51 a share for its fiscal third quarter, ahead of the Street estimate of a $1.56 loss. Additionally, Digital Island announced that it would acquire

SoftAware Networks

, an e-commerce content service company, for $450 million in cash and stock.

Go2Net

(GNET)

was down 7.5%. The Web site operator blew away estimates with earnings of 22 cents a share for its fiscal third quarter versus the 15-cent estimate. The stock had rallied more than 30% in the past week.

Finally,

Excite@Home

(ATHM) - Get Report

was up 4.2%. The high-speed service provider/portal said that it will merge its international operations with

Chello Broadband

, a Dutch Internet service provider.