The US tech stocks continue to drag the broader equity market ever higher e.g. Google Alphabet (GOOGL US) and Microsoft (MSFT US) continue to notch record highs and they represent a whopping 10% of the S&P500! However what’s catching my attention is despite the ongoing rally in the NASDAQ / S&P500 the futures positioning is still net short, implying the technology sector is climbing a “wall of worry” and as we all know markets generally don’t fall when the crowds short!
MM is bullish US Tech into Christmas / 2022
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