The Vanguard Information Technology ETF (NYSEMKT:VGT) closed at $129. 80 on Oct. 6, its record close. As I write, it sits around $117, about 10% under that price. The fund lost about 4% on Friday alone, and Intel, one of the tech firms it owns, was down more than 25% after the chipmaker posted third-quarter results on Thursday. But a slide like this is nothing new for the fund. By my count, VGT has closed at least 10% under a previous record on 19 separate occasions in daily price data going back to January 2004, counting just one close per drop until the fund hit its next record.
POLARIS INSIGHTS