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The Technology sector underperformed the S&P 500 by 11.8% over the 21 trading days ending November 5, marking its largest relative drawdown since 2001.
Mark Minervini, an independent trader and educator, described technology as extremely oversold and cautioned that this condition may be tempting for those seeking to buy at the bottom.
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Minervini has previously observed that a significant portion of technology stocks has experienced sharp declines, a trend not always visible in aggregate index data. He has also emphasized the importance of careful stock selection during volatile and noisy markets. These remarks come as investors weigh conditions following the sector's recent underperformance.