US tech stocks ‘busy’ to trade for bullish investors: BofA survey

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, New York, united states of america, January 9, 2020. REUTERS/Brendan McDermid

LONDON (Reuters) – U.S. technology and other high-growth stocks have been the “crowded” trade, and for three months in a row, Bank of America’s fund manager survey showed on Tuesday, as a result, the market bullishness, after the US, China’s pre-trade deal.

The allocation of shares, net 32% overweight in January, for a net 12% underweight in August 2019 as investors took comfort from the positive trade relations between the world’s top two economies, as well as the fear of a recession are fading away.

The school said that the reversal of the position in the stocks was the largest since 2011, but it was still well below the 50% obesity levels seen during the previous market “tops”.

It added that in January, positioning, showed that investors were “bullish”, but not “euphoric”.

The respondents in the survey forecast the S&P 500 .(“AEX”) index, which reached 3,400 in the third quarter of the year.

Reporting by Thyagaraju Adinarayan, edited by Julien Ponthus

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