Citi cut US stocks and global tech to Neutral this morning and upgraded Europe ex-UK to Overweight. They estimate another roughly 5% Nasdaq decline could push positioning into net-short territory. Their Europe case is less tech exposure and more benefit from falling oil. Meanwhile $QQQ is up about 3.1% at noon. I'd rather see whether this bounce holds than treat the downgrade itself as a reason to sell after last week's decline.
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