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Program buying and selling is definitely a part of the markets these days, but there is a lot going on.
Some factors:
1. Big tech run-up may have gotten ahead of itself, so a bit of a reset
2. Some institutions don’t like to hold over the holiday weekends, and sell into them
3. Election may be playing a role as we get closer to Election Day
4. Good jobs data may undermine push for stimulus package; stimulus is generally good for the markets
5. Is there a vaccine or isnt there? Both stories are in the news. Vaccine is good for the market but not for the work-from-home tech sector
6. Company specific concerns (FB dropping political ads a week before election, Apple delaying iPhone, etc)
7. God knows what else, but the pundits will explain it all (LOL).
I’m not really a market expert but that is my sense of things.
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