NEW YORK (TheStreet) -- There's been a vicious sell-off in momentum tech names over the last several months. Stocks like FireEye
(P) and Twitter
(TWTR) have all been crushed on a three-month basis. FireEye is down 58% and Twitter is down nearly 40% over that time frame. But even despite the huge selloff in these tech names the S&P 500 and DJIA are both green year-to-date.
The major indexes have largely remained positive on a year-to-date basis because of a strong bid within the utilities and energy sectors. While tech stocks have been getting slammed, the
SPDR Energy Sector ETF
, has quietly been hitting several new all-time highs.
StockTwits, a particularly eye-catching chart was shared today and it clearly demonstrates the rotation out of momentum tech stocks. The chart compares the NYSE's advance/decline line to the
Nasdaq's advance/decline line and the spread between the two is absolutely enormous:
ChOTD: NYSE Advance/Decline Line @ 52-Week High, Nasdaq Advance/Decline Line @ 6-Mo Low $SPY $QQQ http://stks.co/b0Ww3 ? J. Lyons Fund Management, Inc. (@JLyonsFundMgmt)
May. 8 at 08:35 AM
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This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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