At current evaluation, any news in tech obviously makes us like concerned and worried, but the message is very easy to sell out of tech. Investors have tried two times this year but we've not seen any earnings growth outside the technology sector. That is why investors gravitate back towards tech, which we see in our data. Any dip in tech is met by buying. Investors go back to tech.

Allocation to stocks is at historical high levels; cash allocations are about average. Investors hedge via gold and tech but it is not broadening. We’re watching and expect skeptically.

Analysts expect some broadening in Q3, but I’m skeptical. In tech, staying with profitable companies with strong cashflows and margins is key.

Value has underperformed for over a decade, investors appear to have given up on value, chasing momentum and earnings growth. It serves them now but long term it’s a concern we watch carefully.