There’s been so much emphasis on big-cap tech. Look at QQQ, it’s down 20 basis points on the week so they’ve barely done anything this week in the meanwhile energy is just being liquidated right now. XLE was down 12 percent on the week. Airliners are down more than 10 percent on the week.
Yes, the large-cap tech had a blow-off top and has been cooling off but really tech stocks are stabilizing now and when you look at their performance relative to energy, cruise lines, and airlines, big tech doesn’t look bad.
Josh Brown says, “There are some pockets of very unhealthy trading. What do I mean by that? Look at the way Zoom has been behaving. The stock went straight up vertical for days and days and then just as quickly it loses eight percent. That’s scary stuff and there are some pockets where that kind of unhealthy activity is going on. I guess if you’re a day trader it’s not unhealthy, it’s very healthy and you’re enjoying it.”
CNBC’s “Halftime Report” team discusses how they are investing in the markets as the energy sector lags and as Goldman Sachs, Microsoft and Apple are the Dow leaders.