Given that $FB missed bad, $TWTR missed bad, $NFLX missed bad, and $AMZN missed revenue and guide, tech sentiment could be shifting to, “we’ve pulled all the levers and are all out of tricks”. If that happens, look the fuck out. Tech has driven this whole rally last few years.
RED – relative price of #SP500 #Tech to Utilities 6/27/11-7/26/18
BLUE – relative price of #SP500 #Tech to Utilities 3/5/93-12/19/02