Tech Is An Overcrowded Trade, But Not Overvalued?

Technology giants have been among the highest flying performers of the S&P 500, up 21% year to date at a time when the broad index is near half that performance. Not only have technology giants been one of the strongest performers, but it they are also the most crowded. But just because the trade is crowded amid a significant move higher doesn’t mean the sector is expensive, a Bernstein report notes. [timeless] Technology giants are very crowded on a historic basis… The Defense sector has been the biggest winner in 2017, with the S&P Aerospace & Defense Select Industry Index up…