Citi Strategist: Bullish Positions Significantly Overweight, US Tech Stocks Still Face Downside Risks
On June 30, Citi Group strategists stated that the US technology sector faces further downside risks due to investors' overall exposure remaining high. The team, led by David Chew, noted that the Nasdaq 100 index, which is heavily weighted in tech stocks, has declined this month without a proportional decrease in positions. Chew wrote in the report: 'Bullish positions in the Nasdaq are still significantly overweight compared to bearish ones. Currently, nearly 80% of bullish positions are in a loss state, with risks skewed towards further losses for bulls, which may exacerbate downside pressure.'
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