Last week, all major indexes fell and closed lower for the week, snapping multiweek winning streaks — but that’s not necessarily a bad thing.
slipped 1.4%, ending an eight-week winning streak to post its worst weekly performance since March.
Those figures may sound disappointing, but Art Hogan, chief market strategist at B. Riley Wealth Management, thinks it's just the markets finding their balance after being overbought, meaning that stocks have been trading above what they were worth. As Barclays strategist Venu Krishna notes, "the broader Tech sector appears frothy." That is to say, even though the S&P technology sector has rallied nearly 40% this year, the rest of the index has remained flat.
Going by both those analysts' logic, the dip in markets last week, then, may be a positive sign that some of the froth around tech is being skimmed off. (Indeed,
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