All Good Things Come to an End
US Technology sector downgraded
The US Tech sector may bounce if Q3 earnings are good, but we think our downgrade is part of an important trend, not just a blip. In other regions, the sector has been downgraded to underweight within a few weeks of being downgraded to neutral. At the stock level, we have already cut most of our long positions between June and October and expect to cut some more in the near future.