After months of surging valuations, technology stocks saw a selloff by investors late last week. The selloff sees potential concerns on valuations and has one market expert telling investors to get their shopping list ready.
Tech Wrecks
Freedom Capital Markets Chief Market Strategist Jay Woods has followed the markets for decades, which led to his lack of surprise at last week’s selloff for technology names and a potential market correction.
"The moving averages always come back to play. We had noted that they had gotten too far ahead of themselves and investors should book profits," Woods said in a weekly newsletter.
Woods recalls Micron Technology (NASDAQ:MU) and what he said around earnings for the tech giant.
