As Wall Street's technology-laden NASDAQ stock index hit a fresh record high late Tuesday, more respondents to Bank of America's monthly fund manager survey put tech stocks down as their "most crowded trade" than anything else - for the 4th month running. Curiously, fewer thought so this month than last despite the roaring of tech equity prices to new highs - partly as investors saw the growth and inflation outlook brighten. But then either tech or U.S. Treasuries have been top of the "most crowded trade" for 16 straight months now - and have been rising in tandem for much of that turbulent time. Crowded, but getting more crowded it seems.
Chart below sourced from BoFA Global Fund Manager Survey
Chart by Ritvik Carvalho and commentary by Mike Dolan.
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