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Citibank: U.S. tech stocks face risks due to excessive optimism

金色财经_
Golden Financial reports that on June 2, Citigroup strategists said the excessive bullish positioning in US technology stocks is putting investors at risk of a market reversal. A Citigroup team including David Chavey said that the ongoing enthusiasm for artificial intelligence themes has pushed bullish market bets to their limit, making the Nasdaq 100 index particularly vulnerable to shocks. “Concentrated long positions in this index ‘increase the likelihood of profit-taking and the closure of long positions due to any negative factors,’” and downside risk in the market is rising. Since the S&P 500 bottomed out in late March, it has gained 20%, while the Nasdaq 100 has surged 33%. Based on momentum indicators, for the past nearly six weeks, the Nasdaq 100 index has been in an overbought state.
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