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Of course, a sector can rally on new cash coming off the sidelines.

Often, however, when one sector rallies another falls as investors use profits from that sector to fund new buys.

That seems to be what happened today when “green” stocks rallied and technology shares fell. The Technology Select Sector SPDR ETF(XLK) fell 1.72% on the day.

Some of the biggest tech sector winners of 2020 closed lower today. Apple (AAAP) was down 3.37% at the finish. Amazon (AMZN) closed down 2.49%. Microsoft (MSFT) los 2.59%. Alphabet (GOOG) dropped 032%. Facebook (FB) was off 2.83%.

We’ve seen rotations like this before in the last few months as investors bid up shares of companies likely to benefit from a return to economic growth after vaccines brought the coronavirus pandemic under control. By and large, those rotations have failed with technology shares proving remarkably resilient.

This time could be different–but with earnings season fast approaching and technology companies likely to deliver strong fourth quarter growth while the rest of the economy still stumbled along, I wouldn’t count the technology sector out quite yet.