From VIX and More:
On Thursday, the Philadelphia Semiconductor Index, also known as the SOX, put in a top of its own before reversing hard and declining precipitously. The SOX ended the day down 5.6% and dragged down the NDX and the rest of the technology sector with it. Technology has been in a tailspin ever since the steep drop in the SOX.
...The SOX has long been considered a leading indicator, not just for technology firms but also for the market in general. Semiconductors are early cycle technology stocks...
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