Top investors are not confident on the latest bullish trend!
The investor behind a major global ETF told CNBC recently that she sees a bearish pattern in the Big Tech rally.
While on CNBC's "ETF Edge" last week, Anna Paglia, the managing director and global head of ETFs and indexed strategies at Invesco QQQ Trust said investors are beginning to play defense when it comes to the group.
“If you look at the flows that are flattish year to date, that indicates there’s really not a high conviction in the short term,” Paglia told CNBC.
The QQQ has outperformed the S&P 500 by more than 17% in 2023, and, on Friday, it hit a 52-week high. It was up by almost 4% this past week.
“People don’t know if … the mega caps only drive this performance or if there’s more in there,” Paglia told CNBC.
“We are still firm believers in the QQQ, but it’s a wait-and-see for our clients,” she added.
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