An interesting bubble has just burst, sending tech values lower, albeit still nowhere lower than pre-2020. Instead, it seems that tech is hoping to make a comeback faster than expected (at least, for the stocks which survived the burst). In this case, we can look at a choice between SPY and QQQ; one would choose SPY when it goes in the red for short term gains as it is doing relatively better conditional on the point of normalization (where numerator and denominator are equal). For the time being, it seems we are still at a local minimum. Should a recovery indeed be in order, now would probably be the time for tech.