After an ‘excessive’ tech rally, one Wall Street firm is bracing for a pullback in stocks
|01/21/2020||Posted by BusinessMediaguide.Com under General World News||
- On Monday, analysts at Canaccord Genuity reduced their market and tech sector views to neutral from positive as they see a potential pullback coming in stocks.
- The downgrade comes amid “the extreme overbought condition and high level of optimism toward equities, especially in the Information Technology sector,” they wrote in a Monday note.
- Still, the analysts said they’d rotate back into a more bullish stance “pending a resolution of the extreme overbought level of the major market indices.”
- Watch the S&P 500 trade live on Markets Insider.
- on Business Insider.
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