Micron Technology (NasdaqGS: MU) fell 13% Friday afternoon following disappointing earnings and was the most actively traded stock on the Nasdaq by share volume.

The sell-off in the semiconductor company pushed exchange traded funds following the sector lower by 2%. Semiconductor HOLDRS (AMEX: SMH) continues to pull back after a “double top” bearish pattern was observed in the ETF, which holds Micron shares. [ETF Spotlight]

The semiconductor portfolio was off 1.9% in recent action, while other sector ETFs such as PowerShares Dynamic Semiconductor (NYSEArca: PSI) and SPDR S&P Semiconductor (NYSEArca: XSD) suffered similar declines.

A double top reversal is a bearish pattern comprised of two peaks of about equal height separated by a trough. [Texas Instruments Warns as Semiconductor ETF Sees Double Top]

Traders watch the semiconductor sector because it often acts as a leading indicator for the broader market.

Semiconductor HOLDRS

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.