“Thank you for the continued great service. My only issue is finding the time to review and avail of all the information.

“It appears to me that many tech shares of late have at least reverted to the mean...see Microsoft/Cisco/IBM/Intel/EMC and Polar capital Trust. is this a buying opportunity for us mere mortals as most of the above are in autonomy territory whose div yields are more attractive than ever following the pullback.”

Eoin Treacy's view Thank you for your kind words and this timely email. I believe many investors will share your “mere mortal” sentiment. There is nothing like a volatile ranging market to chasten even the most self-confident investor. Nevertheless, we need to address the markets with a clinical eye rather than be carried away by an emotional response.

While a rotation has occurred between the technology and healthcare sectors, the Nasdaq-100 continues to range with an upward bias mostly above last year's congestion area and the 200-day MA. We anticipate higher levels by the end of the year provided the June low holds.

I share your heightened sense of interest in the technology sector now that mean reversion has occurred for a significant number of the shares we regard as Autonomies. While a number of companies related to the cloud computing sector have pulled back sharply (Check Point Software Technologies for example) and are now short-term oversold, a significant number of shares with respectable yields have paused in the region of their 200-day MAs. They will need to demonstrate support in the current area to confirm a return to demand dominance. Nevertheless, this might represent a time when risk tolerant investors may choose to nibble.

IBM (1.83%), Microsoft (2.73%) and Intel (3.62%) are in the area where demand will need to reassert itself if the medium-term upside is to continue to be given the benefit of the doubt. Polar Capital Technology Trust found support in the region of the 200-day MA from early June and rallied impressively last week. A sustained move below the MA would be required to check potential for some additional upside.