Don't look now, but tech could be in real trouble. Wolfe Research technical strategist Rob Ginsberg pointed out that the Technology Select Sector SPDR fund in June hit its highest level relative to the S & P 500 since March 2000, when the dot com bubble and first wave internet stocks peaked. Since then, the XLK is down 6% relative to the broad market index. "The level it peaked at almost exactly coincides with where the Tech ETF peaked on a relative basis in 2000.
Ginsberg's comments come after the Nasdaq Composite hit a fresh intraday record on Friday, joining the S & P 500 and Dow Jones Industrial Average at all-time highs. Roth MKM also pointed to another possible technical headwind.
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