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Tech earnings could determine whether sell-off is routine pullback or leadership crisis for stocks

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Friday ended the Nasdaq's longest-ever streak without back-to-back daily declines at 49 sessions, one longer than the prior record from 1979.

Amazon, Apple and Facebook have all backed off between 7% and 10% from their recent highs into their earnings reports this week.The Wall Street Bull is seen during Covid-19 pandemic in New York, on May 26, 2020.The stock-market debate lately has taken place largely from the extremes.

Market skeptics look at the same market and see the year 2000 — one of the worst entry points for stocks in history — with extreme concentration of value in a few expensive tech stocks and a rush of novice at-home speculators whipping long-shot stocks into a froth.

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Earnings aren't the problem, valuations relative to earnings is the problem.

Rotate into big oil. Keep it under yer hat until we're all in.

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