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The S&P 500 Technology sector is down another 1.5% today after falling 2.26% yesterday and 1.82% on Monday. Ouch. The declines are not really out of the ordinary, though. The sector has been struggling all year as its biggest component -- Apple (NASDAQ:AAPL) -- has gone over the cliff.

Remarkably, even with the S&P 500 as a whole still up 7.78% on the year, the Technology sector is now down 0.68% YTD. As the biggest sector of the market (roughly 18% weighting in the S&P), this is not good news. Because of its historical growth potential, Technology is the most widely followed and widely held sector of the market. The fact that it's now down on the year means a lot of investors probably haven't participated in much of this year's gains. On the other hand, if you've got heavy exposure in the defensive sectors (Telecom, Utilities, Cons. Staples, Health Care), you're up double digits and outperforming the market. That's not how it's supposed to work!

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