Tech wreck continues

Wednesday 11 February 2026

Charts from TME. Skew is a measure of how much investors are worried about the downside versus excited about the upside. Rising skew is bearish. It is rising.

The IGV index tracks software stocks. Looks like we’re into a shjort squeeze here. Possibly a bottom.

The software selling sure looks like capitulation.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.