It was an interesting an odd day today. Shares of tech leader Apple got destroyed for seemingly no reason, bringing down the NASDAQ.
On the other hand, mega-banks like Bank of America and Citi (which announced huge layoffs) surged.
That brings us to this recent chart from SocGen, comparing tech vs. banks.
One of the firm’s big calls for 2013 is that the pendulum would swing back towards banks from tech, and that the extremes we’ve seen recently (in favour of tech and against banks) was only matched during the NASDAQ bubble. Is this the turning of the tide?