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Bank of America says investors are fleeing tech stocks after 'baby bubble'

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Investors are fleeing from tech stocks after 1999\u002Dlike rally formed a “baby bubble,” says Bank of America\u0027s Michael Hartnett. Read more.

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The technology sector saw US$2 billion outflows, the largest in 10 weeks, in the five trading days through June 21, BofA wrote in a note, citing EPFR Global data. Investors exited with the Nasdaq 100 Index up 38 per cent for the year and poised for its best half since the last six months of 1999, when it surged 61 per cent after climbing in 26 per cent in the first half.Canada's best source for investing news, analysis, and insight on investment strategies, stocks and more.

Hartnett said that although crowded positioning and strong investor sentiment isn’t an impediment to fresh upside, there’s a bigger chance of a downside than upside this summer. His team sees a maximum upside of 100-150 points versus downside of 300 points for the S&P 500 before Labor Day in September.

 

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Bank of America says investors are fleeing tech stocks after 'baby bubble'Investors are fleeing from tech stocks after 1999\u002Dlike rally formed a “baby bubble,” says Bank of America\u0027s Michael Hartnett. Read more.
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