If you're looking for proof that Tech stocks are oversold, look no further than the percentage of stocks above their 50-day moving averages. Not one out of seventy-one S&P 500 Tech stocks is trading above its 50-day moving average.
Below we highlight the seventy-one stocks in the S&P 500 Technology sector along with their 50-day moving averages and their year to date performances. Along with no stocks being above their 50-day's, just one stock -- YHOO -- is up in 2008 (just 43 bps). For short-term traders, things don't get much more oversold than this.