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Market sell-off won't last as there's no tech bubble to burst, CIO says

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'I just don't see a tech bubble. Yes, a few stocks have done well, and they have done well on earnings that they have delivered.'

"I do not see any reason to be concerned that you're going to enter a bearish pattern where the market is overbought and therefore people are going to sell. I just don't see that pattern," Manish Singh, chief investment officer at Crossbridge Capital, told CNBC.

Pointing to the Nasdaq, Singh noted that on an equally-weighted basis — giving each stock the same weight regardless of market capitalization — the index is flat over the last three years. "That just doesn't tell you that there's conviction in the market whichever way it wants to go," he said.Even as stocks in Europe, Asia-Pacific and the U.S. regain recent losses, market-watchers agree volatility is likely to continue.

"This is no different than what you see in a U.S. election year, where you have a seasonality around August and September, and then post-election, the market starts rallying," he said.

 

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