Tech stocks were falling hard with the overall market Monday in the wake of the Standard & Poor’s downgrade as PowerShares QQQ (NasdaqGM: QQQ) dropped 5% on heavy volume.
The Nasdaq-100 exchange traded fund is a liquid vehicle for trading a basket of some of the market’s largest technology stocks.
Top holding Apple (NasdaqGS: AAPL) had been holding up relatively well in the sell-off until late last week. [Nasdaq ETF Bounces at 200-Day; Apple Holds Steady in Sell-Off]
Apple shares were down over 4% on Monday and testing their 200-day exponential moving average.
The stock represents 14.3% of the Nasdaq-100 ETF.
Full disclosure: Tom Lydon’s clients own AAPL.
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