Hedge funds just made a big mistake on tech stocks

Hedge funds and other large speculators made a poorly-timed decision to go net short tech stocks for the first time in 21 months.
The tech-heavy Nasdaq 100 index surged 5.6% during the week in question.
Everyone reacted to the stock market's recent correction in their own special way.
Some investors rushed to protect their holdings, pushing hedging costs to a 14-month high. Others piled back into the flaming wreckage of the short-volatility trade.
Hedge funds, meanwhile, turned their backs on te