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The reopening trade is 'fizzling,' market analyst says as tech, cyclical ETFs sell off

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With technology and some cyclical ETFs subject to heavy selling, two market analysts share what to expect as the reopening trade takes a back seat.

"The reopening is fizzling," Nadig said in response to the action. "We're starting to bring some reality back to some of these names that may have run too long.""We've got a long way to go before we can really get a rally until we can find a bottom in some of these names that ran so hard," Nadig said.

Without two of the market's most prominent stock groups — tech and the banks — leading the slide, reigniting the rally will prove difficult, said Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA Research.

 

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