I believe this is a Q1 1997 style correction

Just thought this would be interesting market perspective. With a lot of people wondering if now’s a good time to buy stocks like MSFT, AMZN, RDDT, etc. I know this isn’t the most “value investing” post, but it’s relevant to the market. On January 23rd 1997, the Nasdaq 100 hit an ATH of 925.52 before falling to a low of 783.92 on April 3rd, 1997 (about 15%). The S&P 500 fell from 786.23 to 750.11 during the same time period (about 4.5%). So this was effectively a rotation from tech into more defensive names, just like we’re seeing today. The timing of the initial drop is also very similar (1/28 vs. 1/23). The reasons were all too familiar. Profit taking due to stretched valuations, concerns about the dollar, and fears about the Fed’s next moves. The economy was strong, buoyed by enormous capital expenditures, and corporate optimism around a technological revolution. Sounding familiar? The S&P 500 went on to return 33% that year. The Nasdaq 100 lagged, only returning 21%. The similarities are striking. Year 3-4 of a bull market, major tech revolution taking place, valuation reset style correction (rotation into value), strong economy buoyed by capital expenditures, fears about valuation, the Fed, and the dollar. Anyway, just a bit of market history for you and drawing a connection that may or may not be there. If I’m right, between now and early April will be a fantastic time to buy.