I put ‘sell’ recommendations on Apple and Amazon as tech-stock risks are piling up

Whenever the Nasdaq 100 has increased as much as it has over the first two weeks of this year, it has meant the average investor is extremely confident, even overconfident, and has forgone risk controls. And that’s what seems to be happening today.

Investors are carrying a lot of risk in large-cap technology stocks, such as Amazon AMZN, -0.91% Google (Alphabet) GOOG, -0.40% and Apple AAPL, +0.81% all of which have performed well in this young year. I’m not referring to investors with a little bit of money who prefer small-cap stocks; I mean investors with a decent portfolio — in the hundreds of thousands of dollars.

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