Deutsche Bank estimates that the rotation into tech stocks that began in late July still has room to run. Mega-cap growth and tech stocks have surged 14% since the end of July to a record high, while the rest of the S&P 500 fell 3% over the same period. The relative performance of these stocks sits in the upper half of their long-term trend channel but not yet at its peak. Current positioning stands at 0.8 standard deviation above neutral, well below previous peaks recorded last June at the 99th percentile. The rotation is advanced but still has room to run according to the bank.
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