The story of the week was the Nasdaq's continued slide through critical support levels. Despite a nice rally on Tuesday, the Nasdaq still lost over 3%, which put it as its lowest level in 2002. The selling was quite broad-based in nature, as just about every sector lost significant ground. Most notably, semiconductors shares finally broke down (they were the last pocket of strength within the tech sector). The SOX index actually closed below its key support level of 500. There really was no catalyst for the selling in tech shares to speak of however. We feel that investors are finally starting to realize how expensive many of these names are given the group's lack of visibility moving forward. Take note, the Nasdaq really does not have much in the way of support until its low from September of 2001.