The markets sold off mid-session as oil and semiconductors were weaker and traders took profits in what has been a very good April. There is an old saying on the street Sell in May and go way. Since the beginning of April the Dow is up 5.7% and typically summer months have not made the gains the rest of the year has.

The NYSE had volume of 2.9 billion shares with 884 shares advancing while 2,398 declined for a loss of 77.63 points to close at 9,627.73. On the NASDAQ, 2 billion shares traded, 927 advanced and 2,151 declined for a loss of 32.12 to 2,525.09.

Wm. Wrigley Jr. Company (NYSE: WWY) gained $3.83 (7%) to $58.88 as it reported net income up 28%. aQuantive (NASDAQ: AQNT) dropped $1.86 (-6%) to $30.61 on a downgrade. Radio Shack Corporation (NYSE: RSH) rose $1.35 (5%) to $29.07 on earnings. International Securities Exchange Holdings (NYSE: ISE) rose $20.97 (46%) to
$66.69 on a buyout. Ionatron (NASDAQ: IOTN) rose $1.06 (21%) to $6.15 on a navy contract.

In stocks with unusual option activity, Procter & Gamble (NYSE: PG) saw volume on the May 65 calls (PGEM) with over 24,000 options trading. Marvell Technology Group (NASDAQ: MRVL) saw over 20,000 contracts on both the May 17.50 calls (UVMEW) and the June 17.50 calls (UVMFW). Dell Computer (NASDAQ: DELL) saw heavy volume on the May 25 puts (DLQQE) with over 22,000 options trading. First Data (NYSE: FDC) exchanged volume on the August 25 puts (FDCTE) with over 20,000 options trading. In options, there were 4 million puts and 4.6 million calls traded for a put/call open interest ratio of 0.86.

Kevin Kersten is an Options Analyst with InvestorsObserver.com. Do you have any deadwood in your portfolio? Check out the 18 Warning Signs That Tell You To Dump A Stock.

Disclosure note: Mr. Kersten owns and or controls a diversified portfolios of long and short positions that may include holdings in companies he writes about.