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Actionable news in SOXX: iShares Goldman Sachs Semiconductor Index Fund,

Market Overview - Thursday, July 6

Based on the PMO index, the market has been oversold on a short-term basis for a number of days. The indicator was showing a little strength yesterday, but now it is pointed lower again. So a short-term rally is probably off the table until this index starts to turn higher again.

The Small Caps sold off along with the market. This is not a very good looking chart, but while the small caps were above the 50-day, it was hard to bet against the broader market. Now, the bears have a...