"Move SHORT Tech relative to Financials"
"For five key reasons we expect some marked rotation amongst key equity market sectors over coming months. That is, we expect the recent performance of IT against financials to reverse.
In recent months, tech has outperformed cyclicals and financials (which have broadly trended sideways for the past 6 months). Banks including JPMorgan and Citigroup, for example, are flat/down since their highs in May. In contrast, Microsoft, Nvidia, Tesla and others, have pushed out to new highs. Over coming months, though, equity market leadership should switch back to financials (and other cyclical sectors), for a number of technical, positioning, sentiment, bond yield and macro related reasons..."