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"Tech stocks have been trading on air," he says, noting that the slide probably
isn't
over yet. Unlike the reason to buy tech stocks -- optimism about the
future -- the reason to
sell them is concrete: pessimism about the present. "Russia is only a reminder," Galarza notes. "The problems in Asia are
still forcing U.S.
companies to cut prices and squeeze profits."
On Wall Street, the Chips Are Down
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NEW YORK: If the Dow took a tumble this week, Nasdaq went
right off the cliff, dropping more than 127 points, or nearly 8 percent, by
Friday. Suddenly tech stocks, always the bulls' most dubious darlings,
are about as popular among investors as the Russian ruble. Money writer
Pablo Galarza says they had it coming.