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OPINION

Technology Is Dragging The NASDAQ Down

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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AP Photo/Richard Drew, File

It’s been a classic tug of war with blue chip names higher, while Technology drags the NASDAQ lower and threatens all the other major indices.

It’s clear investors came into the session ready to rotate into cyclical names, but I have to admit the selling in growth (mostly Technology and Communication Services) is more brutal than I anticipated.   I think the action is more symbolic for the economy than the stock market, as most of those tech names will rebound in due time (like maybe tomorrow LOL).

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But we want bank stocks and restaurant stocks and building equipment stocks to move higher as a sign the general economy is building on those green shoots.

Outside of Technology, only two other sectors are down, and it looks like that initial wave of selling might be exhausted.

Tale of Two Indices

NYSE

NASDAQ

10:00

Advancers

2,109

1,702

Decliners

634

1,205

Up Volume

670 million

344 million

Down Volume

178 million

325 million

12:00

Advancers

1,930

1,653

Decliners

953

1,486

Up Volume

2.2 billion

1.1 billion

Down Volume

828 million

1.1 billion

 

In these kinds of markets, breathe and then move.  On that note, we put on a ton of cyclical and value ideas this month and last.  You should be doing rather good, as if you owned 20 Koo Koo Roos.

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