The Dow Industrials and Transports held up the best last week with technology, internet, biotechs, and IWM being the weakest.

FAANG stocks — led by Facebook on its earnings — hit the skids closing with a record one-day loss.  TWTR and many others also got wacked although GOOGL and AMZN gapped to all-time highs on their positive earnings.

The Internet ETF symbol FDN retraced with the sector and technology weakness last week, but this is an ETF we will want to buy in the future — at the right time based on the right chart set up, of course.

The Technology ETF symbol XLK was pulled lower as well and that along with the Internet ETF symbol FDN weakness suggests that the Nasdaq related ETFs aren't likely the place to be for a while.

However, can Apple's (AAPL) earnings save the day for the tech sector, or will it further drag it down?

The Semiconductor ETF symbol SMH shook off the tech wreck last week for the most part — even with the drop in Intel (INTC), which makes this ETF of interest, but not quite yet.  Stay tuned.

Overall, the summer doldrums aren't giving us great looking opportunities, so we are okay waiting for them to come to us.


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