Jim Thorne, chief market strategist at Wellington-Altus Private Wealth, said that any potential rebound in technology stocks over the next two to three weeks should be viewed as an opportunity to reduce exposure and shift toward cyclical stocks and positions in equal-weighted indexes. Thorne expects the S&P 500 to reach 8,000 by the end of the year and attempt to break through the 10,000 mark next year. He attributes the recent decline in technology stocks to the forced unwinding of positions held by highly leveraged hedge funds, rather than to the end of the bull market as a whole.
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