Analyst Says Tech Selloff Has Run Its Course

A broad market rally lifted the sector in the session that followed his first call. Fuller said the price action itself was the catalyst, not any single company event or economic data point.

Traders have been watching whether the shift out of mega-cap tech into value and small caps would persist. The rotation had punished some of the year's biggest winners. Fuller's confidence that the correction is over suggests he expects the selling to abate, at least for now.

The disclaimer attached to his note is standard for the platform. It states the opinions are for educational purposes and do not constitute an offer or solicitation for any specific securities. Fuller's firm, Fuller Asset Management, is a state registered investment adviser.

He declined to specify which names in the portfolio were most exposed to the sell-off. The note offered no guidance on entry points or price targets for the stocks he follows.