A bit of an odd day today, it seems like big tech took a large hit while a lot of the most expensive growth stocks were up or faired much better. To name a few that were up today: NET, SNOW, FSLY, SHOP, CRWD, ROKU, SQ. Even ARKK outperformed the major indexes today, although it was still down on the day.
Despite indexes selling off it appears there was some rotation into high-valued growth stocks, which almost seems bullish.
Just wondered what you guys thought of this because this seems to be a reversal of what we've been seeing since the beginning of the sell-off. Since late November overvalued growth tech has been getting crushed while mega caps like MSFT, AAPL and GOOG have been acting fairly defensively. Given their relative strength on such a down day, could this be a sign that growth stocks are beginning to find bottom?
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