Violent stock rotation hints at trouble

Thursday 12 February 2026

Charts from TME. Tech continues to range trade, reminiscent of 2024/25 when it ultimately fell out of bed.

Tech volatility continues to trend higher as well

One possible threat to tech is oil, which is pushing the upper limits of its downtrend. If it were to break out and put pressure on long-end yields, tech would not like it.

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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.