Tech selloff represents ‘a moment for long thought’ not a market reckoning – analyst

[Technology sector index, stock exchange.] Torsten Asmus The recent tech sell-off represents a moment for long thought rather than a full market reckoning, according to Matt Orton, chief market strategist at Raymond James Investment Management. While acknowledging that the current environment is painful for investors holding technology names, Orton emphasized that underlying fundamentals remain strong even as positioning across the sector stays crowded. In an interview with CNBC, Orton pointed to several notable earnings misses, including Alphabet (GOOGL [https://seekingalpha.com/symbol/GOOGL]), (GOOG [https://seekingalpha.com/symbol/GOOG]), which failed to meet high expectations despite growth in its cloud business.