“The biggest red flag of the S&P 500’s recent strength was the lack of participation by this country’s best companies,” he said in a blog post this week. “But as the saying goes, better late than never. The FAANG stocks are getting their mojo back.”

Even as the broad market held up strong in the face of growing political discord in the aftermath of the election, he pointed out that Facebook FB, +1.69%, Apple AAPL, +3.19%, Amazon AMZN, +1.84%, Netflix and Google GOOG, +0.40% gave up their leadership position to value and smaller tech names.

“These best-of-the-best companies have been struggling to pull themselves off of recent lows and were stuck in consolidation patterns,” he wrote. “Some of this underperformance makes sense since Democrats have been vocally targeting these titans of tech for their anticompetitive business practices.” He added that removing Trump from Twitter TWTR, -1.63% and Amazon taking down Parler raised concerns about Big Tech and what’s to come.

“But as the popular saying goes, it is darkest right before the dawn,” Ziedins said, pointing to Netflix’s big post-earnings move, as well as Alphabet’s fresh record highs.

The tech sector managed to hold on to recent gains during Thursday’s trading session, with the Nasdaq Composite COMP, +0.42% in green territory. The Dow Jones Industrial Average DJIA, -0.03% and S&P 500, however, were moving slightly lower, at last check.