As Large Cap Tech Stocks Crumble Money is Moving Elsewhere – Two New Trades

The rotation spreads its wings!

The Nasdaq 100 index (NDX) is selling off in a hurry this morning as disappointment over the recent earnings outlook for ASML Holding (ASML) pushed the overbought index over the edge.  I expect this correction in tech to last a few days and perhaps a few weeks.  But, until proven otherwise, the money coming out of tech is going back into other areas of the market. 

As the price chart shows, NDX is now testing the support of its 20-day moving average, while the RSI is already tumbling rapidly.  That means that the selling could be overdone sooner rather than later.  But for now, there is no point in chasing tech, so today, I have two new trades in two potential beneficiaries from the tech selloff.

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