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Recent run on almost all the technology counters have pushed the price far ahead than the earnings can catch up, therefore, correction on IT counters are imminent, and most of the counters have shown a long black candle in the chart today, which means the selling pressure is already started. Below are the PEs (based on 4 running quarters) of a list of IT counters, which prices have run up significantly from early January 2021.
*Eventually, market will come back to basic fundamentals, like what had happened in the glove counters 3 months ago.*
*It is a good time to take your money from your IT counters and re visit the glove counters again, the coming quarter earnings will bring most of the glove counters to single digit PE.*
