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Good corporate fundamentals (meaning rising revenues), margins, and profits drove big-cap technology stocks higher. Those factors drove their respective indexes higher, which attracted millions of passive investors into indexed mutual funds and ETF products.
Now, the virtuous cycle that caused markets to spiral upwards could be morphing into a negative feedback loop. But markets in the U.S. aren't going down because fundamentals are deteriorating.
They're going down because market-moving tech darlings stalled out – then rolled over.
I have good news, and I have bad news. The bad news is the selling's probably not over and could get worse.
The good news is, if we fall far enough and fast enough, this sell-off could be a generational buying opportunity.