Seeking Alpha

A Warning for Tech 1 comment

by: Cam Hui May 23, 2008 | about: FXL / IYW / PTF / QTEC / REW / ROM / XLK    
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The chart below shows that both smart and consensus mutual funds are selling their Technology holdings. In the face of such selling pressure it will be difficult for the sector to make any headway in the medium term.

This concerted selling is occurring just as this Bloomberg story pointed out that Bank Stocks Cede Biggest S&P Weighting to Technology. Is the story the ultimate contrary indicator?

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    Your chart, limited as it is, would suggest that tech stocks are ready to rally after becoming oversold.
    2008 May 24 12:32 PM | Link | Reply
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