Wednesday was a tough day for mega-cap indices, especially those with a heavy Information Technology component. Semiconductors were slammed again and it looks like the latest rally off the lows since April 19 is complete. The Nasdaq dropped 2.5%, the Nasdaq 100 (QQQ) lost 2.7%, and the S&P 500, S&P 100, and S&P 400 all fell between 1% and 1.3%. Small-caps outperformed once again, with the Russell 2000 off only 0.7% and the S&P SmallCap 600 down only a fraction. Semiconductor indices all plunged 6% or more. The iShares Semi ETF (SOXX) fell very close to its low from the latter part of June and lost its 21-day exponential average for the first time in three months. The ETF did not quite reach its 50-day average, but the major losses were accompanied by very heavy volume. The 5- and 13-day moving average crossover almost reversed its bullish cross from early May. The VanEck Semi ETF (SMH) did see a minor 5/13 bearish cross, as did the DJ U.S. Semi Index. Since June 20, the semis have generated five distribution days (big losses on an increase in volume or above-average volume). A cluster like that is certainly a warning of an intermediate-term top. We have also seen five or six distribution days on the QQQ since June 20. Renewable Energy, Electronic Equipment, and Electrical Components & Equipment also hurt Information Technology. Consumer Discretionary (-1.7%), Communication Services (-1.5%), and Industrials (-1.1%) also had tough days. Consumer Staples led with a 1.3% gain, Energy was up 1%, and Financial and Real Estate rose 0.7%. Buckle your seat belts, it's getting stormy out there. (Mark Arbeter, CMT)

Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

Bank of America is one of the largest financial companies in the world. The company is primarily a U.S. retail and commercial bank, with a network of more than 4,000 branches across much of the country. The 2005 acquisition of MBNA made Bank of America the nation's largest credit-card lender. As such, trends in consumer interest rates, employment, income growth and borrowing patterns represent a significant risk to the company's earnings. The 2008 acquisition of Countrywide made BofA the country's largest mortgage company as well. BofA became a top-tier securities firm and retail broker with the acquisition of Merrill Lynch.