"Our view in a nutshell is that tech stocks have overcorrected."
“Our view in a nutshell is that tech stocks have overcorrected.”
From a note to Wedbush clients that landed on my desktop Monday:
In what has been an absolutely brutal year for the market and especially tech stocks, the path of least resistance for investors is to stay away from any risk assets till the dark economic storm clouds clear. We clearly could be looking at a very volatile few months still ahead as the Street tries to get a gauge if inflation has started to finally peak and what type of recession now likely lies ahead into 2023… While consumer-facing tech and WFH poster childs are seeing clear softening and demand starting to dry up in the field especially around digital advertising; on the other hand enterprise cloud, cyber security, and high priority pockets of IT budgets are holding up particularly well based on our recent checks. ...
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