The FANG Index has recovered nearly 100% of the 6-week, 38% loss it suffered earlier this year. It’s been a huge snapback rally from the March-bottom. That’s a great thing as many investors lean on the equities in this basket for growth in their portfolios. As they should.
What’s interesting is that this nearly perfect ‘double-top’ in the FANG Index is also happening during – what looks to be – a major rotation out of tech and into cyclical sectors. I think profit taking will continue here and be rotated into the far-from-recovered sectors.
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