Retail investors have continued to buy the dip in the recent market turmoil, liking tech despite the sector rout, according to TD Ameritrade’s AJ Kahling.
Even bigger losses have been seen in Asia, where the Hang Seng Tech index in Hong Kong has fallen more than 29%. On the mainland, the Star 50 index — a collection of the 50 largest stocks on the tech-heavy Star Market — has tumbled more than 28% in the same period.
Investors appear to have interpreted the pullback in tech as a buying opportunity, according to Kahling. "It's looking like these stocks are … at an opportunity to buy them that they haven't been in two years. If you missed the pullback from the Covid era when we had the 23 days … of declines there, this could be your opportunity," he said."What we think we saw happening was people waiting for, you know, a support level, technical support level to be reached before jumping in and buying that dip," he added.
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