The rallie we’ve seen in the market since mid July, has been mostly concentrated on Tech. According to the chart below, the tech sector has received 2X the flows of the Energy sector and the broad markets through ETFs over the last month. Tech Mega caps have been aggressive using share #buybacks to attract and compensate investors, and they represent the biggest percentage weight in the indexes, but flows have been higher than the index allocation would suggest. If we want to see a sustained rally, other sectors need to participate to provide the market healthy technicals.
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Source: BoA Securities.
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