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Testing times for tech stocks as cyclicals race ahead – The Australian Financial Review

Appen has led an ASX tech rout, falling 12 per cent, and confidence in the sector appears to be waning as investors back cyclical and value stocks.

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“The need to crowd into non-economically sensitive stocks is a little less severe when youve got a more rosy outlook on the economic prospects.”
In November, the S&P/ASX 200 Index rose 10 per cent, recording its best month since it was founded, while the S&P/ASX All Technology Index climbed just 6.1 per cent, not even bettering its October performance.
So far this month, the S&P/ASX 200 Index is up 2.5 per cent, and the All Tech Index is up just 0.6 per cent.
“I dont think anyone’s panicking out…

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