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Big down day for mighty Asian tech. HSTECH -4.6%, reversing the parabolic break out attempt in a violent way. Note 50 day is still pretty far down, as well as the trend line since March. On Jan 26 we warned our readers this space was getting slightly too excited, we wrote:
"Asian tech is eating the world, but stocks here look a bit extended to put it mildly."
We had that crazy +10% move higher in Tencent on Monday that was reversed sharply, and has continued much lower. Watch Tencent, Taiwan semis, Meituan and some other closely here, as Asian mania has been early both on the way up as well as the way down.