This has been an eventful year, to say the least. One of the biggest sea changes to have taken place is how tech stocks have become laggards instead of leaders. Witness the ratio chart of the NDX versus SPX to see how tech stocks have fallen out of favor on even the longest time scale.

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Keep in mind that the Nasdaq went up almost without any interruption for over a dozen years. So there’s a lot of unwinding to do.

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