“But not all tech funds are in the clear. The Nasdaq 100-tracking PowerShares QQQ Trust Series 1 fund, or QQQ, has had seven consecutive days of outflows totaling more than $3 billion, according to Bloomberg data.”

QQQ’s second-largest sector weight after tech is consumer discretionary, a group that is currently trading at lofty multiples relative to its long-term averages.

QQQ, one of the largest U.S. ETFs, has equal-weight equivalents equal-weight equivalents such as the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca: QQQE) and the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGS: QQEW).

For more information on the tech sector, visit our technology category.

Tom Lydon’s clients own shares of QQQ.