Monday, June 27News That Matters

Tag: excesses

Big tech needs more time to work off major excesses, top money manager Jeff Mills warns

Big tech's record win streak may just be on hiatus.Bryn Mawr's Jeff Mills believes the group will regain its market leadership. But before it does, he warns investors will have to brace for some more wild swings as the group works off major excesses."Earlier in the summer, you had something like 85% or 90% of technology stocks trading over their short-term 50-day moving average. That's very healthy, solid momentum. That has broken down now into the mid-50s," the firm's chief investment officer told CNBC's "Trading Nation" on Friday. "But we're still not oversold."The tech-heavy Nasdaq is coming off its worst week since March 20. It's now just a hair out or correction territory, which implies at least a 10% drop from record highs.Former high-flying mega cap growth names ...