Investors appear to be losing their taste for high-valuation stocks.
For Nicholas Colas, chief market strategist at Convergex, this is a sign that investors are "very much minding [valuation] now."
More generally, Colas sees signs that the long outperformance of growth stocks as compared to value names has reached an end.
"For the last 10 years, growth stocks have outperformed value stocks on the order of 2 percent on a compounded annual basis," Colas said Friday on CNBC's "Trading Nation."
"That's a real outlier kind of observation," and as relative performance reverts to the mean, "we're expecting value to outperform growth in 2016."
Indeed, the S&P 500 growth index has slid more than 3 percent this year, while the S&P 500 value index is down just 1 percent. Growth stocks are names like Apple, Facebook and Amazon that are increasing earnings and sales (and tend to have higher valuations), while value stocks include those trading at low prices compared to their earnings and book values, such as Exxon Mobil, AT&T and Wells Fargo.