By One Measure, We Passed The Tech Bubble A Long Time Ago…

There’s been no shortage of digital ink spilled documenting the extent to which this market has become dangerously dependent on tech.

Indeed, that dependency is what made June so unnerving. The sector that’s accounted for between 35% and 50% of YTD gains (depending on what benchmark you prefer) suddenly looked shaky.

That shakiness has begun to manifest itself in one of the widest disparities between NDX implied vol. and S&P implied vol. since the tech bubble.

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Well as you ponder the above, also consider that although we’re not quite to tech bubble territory in terms of capitalization…

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…  Goldman wants you to know that “at the peak of the tech bubble, Information Technology never generated more than 16% of the S&P 500’s earnings [but] the sector now accounts for 21% of S&P 500 net income“…

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