DB: The rotation out of Tech began on cue two months ago from the top of its long-run trend channel, and in our reading, the rotation back has also begun on cue after hitting the bottom earlier this week.

We see the rotation into Tech having further to go with a typical outperformance of 20pp. This would be the 5th such rotation in the last 3 years with the market focus repeatedly swinging between stellar growth and bubbles fears at an increasing rate.