Tech selloff sends money into dividend stocks as Vermeulen waits for an uptrend

Money leaving technology stocks is moving into dividend shares, suggesting a defensive rotation within equities rather than a broad exit from the stock market. Chris Vermeulen said a short-term rebound was possible, but his strategy required evidence of a new uptrend before returning. In an October 30 interview with David Lin, Vermeulen, chief market strategist at TheTechnicalTraders.com, said technology and semiconductor stocks were showing signs of heavy selling. He said he was staying on the sidelines until prices showed signs of stabilizing. Vermeulen pointed to trading volume and on-balance volume, or OBV, in the semiconductor ETF SMH.

Source: TokenPost