Barry Bannister, head of institutional equity strategy at Stifel, sees this as a computer-driven rotation.
"To an extent it does feel like too much money chasing too few ideas. It's very hard to make that rotation from growth to value, from disinflation to reflation without there being some interruptions in the market. So I think it's just a lot of money, a lot of liquidity, a lot of algorithms that are just saying, 'Well, these didn't go up, let's buy them. The other ones may have went up a lot, let's sell them.' So it's almost like a computer-driven rebalancing.
Stephen Weiss, founder of Short Hills Capital Partners, said investors should assess how much damage was done. "Greed has a way of just biting you in the a-- at some point, and then you have to decide 'OK, is it a flesh wound or is it drawing real blood?' I think it's more of a flesh wound. I think it's taking some of the weak-handed traders that are coming out, buying stocks likeRob Sechan, managing director at UBS, sees a rotation out of tech.
"There are reasons that the market is selling off. We've seen these tech names perform tremendously well, it looks like they've reached some unsustainable prices.
TradingNation CNBC is the reason market crashes! Don’t listen to anything they say or advertise, all Monday morning qb’s, all fear and panic, losers!
TradingNation Fake Stock Market Rally Engineered By The Fed. It’s all lie, they are looting people and taking their money by fake Wall Street stock.
TradingNation Trump's fault!
TradingNation Trump saying he will use the American people to experiment on with a Covid_19 vaccine, while he is unwilling to follow basic science and wear a 😷 while holding rallies spreading Covid_19 as 190,000 Americans are dead! Of course the markets are plummeting, Republicans lie!
TradingNation Why do they think they have any idea? They all just guess. It’s a joke! Get them off the tv bc they legit don’t know!!! Nobody does!!
TradingNation And $KCAC up 106% after market
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