Citi sees limited stock gains as investors lock in profits
Investor sentiment regarding the Nasdaq is displaying signs of improvement as approximately $3 billion in new"risk flows" were introduced to futures linked to the growth-heavy index last week, as reported by Citi strategists.
Furthermore, weekly futures activity for the Nasdaq saw notional changes that exceeded those of the S&P, an occurrence considered rare by the strategists. “Market gains on the back of further short covering appears less likely in the near term, with much of the price action taking the market out from oversold territory seen in our US oversold index which has briefly crossed into overbought conditions,” the strategists said.
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