If you've done a good job pivoting away from tech over the last six weeks, pat yourself on the back. Looking at the damage across tech and semis, this is not the environment to be whimsically bottom fishing. There's a real chance we see a more prolonged rotation out of tech. With $XLK making up more than 35% of the $SPY, continued selling there can have a meaningful impact on the broader market. I hope I'm wrong. And I'm sure we'll get sharp bounces along the way that make me question that view. That's what markets do. But the rotation has been hard to ignore. Money has been flowing into financials, healthcare, biotech, industrials, REITs, and emerging markets while leadership has deteriorated in tech. Once a rotation gains momentum, it rarely stops overnight. For now, the tech train
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