Don’t Blame The Quants For Wednesday’s Tech Rout

On Wednesday afternoon, in "Here’s Why You Don’t Want Tech To Succumb To Regulatory Jitters", we talked (again) about why it's critical that big-cap tech doesn't roll over. The context was of course the selloff in tech shares that accompanied Sheryl Sandberg and Jack Dorsey's testimony on Capitol Hill. Specifically, the Nasdaq 100 had one of its worst days relative to the S&P of 2018. Wednesday was easily the biggest underperformance in that regard since the late-July FANG+ correction