In other words, absent any news, the market tends to go down. Failed rallies . Instead of buying when prices dip, investors use rallies as a chance to bail out. The January rally in tech stocks falls neatly into this category. A flight to quality .
Investors spurn speculative stocks in favor of slow, steady earners.
This, too, seems to be true, although even the steadiest technology stocks have gotten clocked. You could make a case that all four of those bear signs have been bountiful in technology all year. In the Nasdaq, at least, has never been worse. We looked at rolling 12-month periods, spaced three months apart. The measure also includes reinvested dividends.