July 15, 2020, 12:18 pm EDT
Tech Lost Leadership
Technology lost its leadership since 07/13 as shown in the picture that compares Dow Jones ETF (DIA), S&P500 ETF (SPY) with Nasdaq-100 ETF (QQQ). Obviously, technology is overdue for pullback after weeks / months of uptrend. Mega technology companies have made almost a straight up rally since the 03/23 market bottom till today. Impressive gains of 50% or even 100% or more gains were made by AAPL, AMZN, FB, TSLA, MSFT, GOOGL, EBAY, etc. Consumer discretionary, consumer staples, industrial, and material sectors may pick up the upside momentum from technology.