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What If Tech Is Just a Flight to Safety?
Michael Hartnett at Bank of America points to the 1999 template, the narrow breadth where tech ripped more than 40% while almost everything else fell, as a warning that we are near a top. I see it differently, because I think the strength in big tech is just a flight to safety. The mega-cap names have been consolidating for the better part of a year and a half, and with the market staring down a possible rate-hike cycle, money is hiding in the few companies with the cash flow to withstand it while the rate-sensitive corners of the market quietly fall apart.
That is also why I am still not…
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