“While there is not a perfect correlation between flows and investor intent—for example, heavy inflows can indicate that investors are building short positions, or betting on a decline—pronounced outflows can be a signal that market participants are closing out positions,” according to MarketWatch.

As MarketWatch notes, the PowerShares NASDAQ Internet Portfolio (NasdaqGM: PNQI) has also seen some modest departures. Investors pulled $5.2 million from PNQI on Tuesday. That ETF allocates almost a quarter of its combined weight to Alphabet, Amazon.com Inc. (NASDAQ: AMZN) and Netflix Inc. (NASDAQ: NFLX).

PNQI provides exposure to the growth style of the increasingly important internet segment, especially the quickly growing e-commerce or online consumer discretionary segment. The ETF holds 89 stocks, including some companies based outside the U.S.

For more news and strategy on the Technology market, visit our Technology category.

Tom Lydon’s clients own shares of Apple, Facebook and QQQ.

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