what may turn the tideThe rotation ouf of growth and into Value, and out of so-called Covid stocks into re-opening stocks, is likely what is behind the downdraft, although no one can be sure. Some may say it doesn't matter what is behind the downdraft, only that the charts are going down. It is important to make some effort to think about what is occurring in order to predict when it might end. The lines on the graph are representative of a crowd of people and a natural human instinct is to follow the crowd. That is why people often make the mistake of buying at a market top where there is exhuberance and selling at a market bottom when there is misery. There is comfort in being together with the crowd, but generally it is not a winning formula.
Imagine if you had sold Google ten years ago because interest rates were rising and earnings were paultry.