Barry Bannister, head of institutional equity strategy at Stifel, sees this as a computer-driven rotation.
"To an extent it does feel like too much money chasing too few ideas. It's very hard to make that rotation from growth to value, from disinflation to reflation without there being some interruptions in the market. So I think it's just a lot of money, a lot of liquidity, a lot of algorithms that are just saying, 'Well, these didn't go up, let's buy them. The other ones may have went up a lot, let's sell them.' So it's almost like a computer-driven rebalancing.
Stephen Weiss, founder of Short Hills Capital Partners, said investors should assess how much damage was done. "Greed has a way of just biting you in the a-- at some point, and then you have to decide 'OK, is it a flesh wound or is it drawing real blood?' I think it's more of a flesh wound. I think it's taking some of the weak-handed traders that are coming out, buying stocks likeRob Sechan, managing director at UBS, sees a rotation out of tech.
"There are reasons that the market is selling off. We've seen these tech names perform tremendously well, it looks like they've reached some unsustainable prices.
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