"It is almost hard to believe this"

Tech sold

JP Morgan's trading desk reports that Tech was the most net sold sector in N. Am. (almost -2z) by HFs this past week. Tech has been sold over the past few months and positioning has shifted dramatically with the L/S ratio falling from multi-year highs to just the 16th %-tile since 2018. The chart from Deutsche Bank shows how Mega-cap growth & Tech positioning among both HFs and mutual funds is way off peak.