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2021-03-09

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This clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>战略家认为，这一明确信号表明大型科技公司的解散尚未完成</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":323997549,"tweetId":"323997549","gmtCreate":1615296787581,"gmtModify":1703486918477,"author":{"id":3576031533816126,"idStr":"3576031533816126","authorId":3576031533816126,"authorIdStr":"3576031533816126","name":"kukuniao","avatar":"https://static.tigerbbs.com/e2bcc0cf2ff759243bcb5c9d5662d212","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>\nGreat ariticle, would you like to share it?</body></html>","htmlText":"<html><head></head><body>\nGreat ariticle, would you like to share it?</body></html>","text":"Great ariticle, would you like to share it?","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/323997549","repostId":1111423037,"repostType":4,"repost":{"id":"1111423037","kind":"news","pubTimestamp":1615293095,"share":"https://www.laohunote.com/m/news/1111423037?lang=zh_CN&edition=full","pubTime":"2021-03-09 20:31","market":"us","language":"en","title":"This clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>战略家认为，这一明确信号表明大型科技公司的解散尚未完成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111423037","media":"MarketWatch","summary":"Critical information for the U.S. trading day\nGet that Dow 32,000 beanie hat ready for Tuesday, as p","content":"Critical information for the U.S. trading day<blockquote>美国交易日的关键信息</blockquote> Get that Dow&nbsp;32,000 beanie hat ready for Tuesday, as pressure in the bond market continues to ease and celebrating over a $1.9 trillion stimulus package carries on a bit. Futures are also pointing to a sharp rebound for technology stocks after the Nasdaq Composite&nbsp;fell into correction territory on Monday.<blockquote>随着债券市场的压力继续缓解，以及对超过 1.9 万亿美元刺激计划的庆祝活动继续进行，周二准备好道琼斯 32,000 点的帽子。在纳斯达克综合指数周一跌入回调区域后，期货也表明科技股将大幅反弹。</blockquote> One valid question to ask right now is, how much more of a pullback for techs will we see? “Our work on positioning suggests that the big tech unwind may be at least halfway done, but isn’t finished,” said Lori Calvasina, RBC Capital’s head of U.S. equity strategy, in our&nbsp;call of the day.<blockquote>现在要问的一个合理问题是，我们还会看到多少科技股的回调？“加拿大皇家银行资本（RBC Capital）美国股票策略主管洛里-卡尔瓦西纳（Lori Calvasina）在我们的报告中说：”我们在定位方面的工作表明，大型科技公司的退出可能至少已经完成了一半，但还没有完成。今日看涨期权.</blockquote> Calvasina based this on a tracking of weekly Nasdaq futures contracts, provided by the U.S. Commodity Futures Trading Commission. The data are used by some on Wall Street as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets.<blockquote>Calvasina 基于美国商品期货交易委员会提供的每周纳斯达克期货合约跟踪。这些数据被华尔街的一些人用来衡量对冲基金和机构投资者在美国股市中定位的情绪。</blockquote> “This indicator…returned to 2013-2014 peaks on a dollar value basis [left image] earlier this year, and to levels that have marked the peak several times since then in terms of the number of contracts owned [right image],” she said. “While U.S. equity futures positioning generally has been highlighting risk of a pullback in stocks in recent months, that signal has been the most clear in Nasdaq positioning.”<blockquote>“她说：”今年早些时候，这一指标.按美元价值计算回到了 2013-2014 年的峰值[左图]，而此后，就持有合同数量而言，又回到了数次达到峰值的水平[右图]。“虽然近几个月来美国股票期货的定位普遍凸显了股市回调的风险，但这一信号在纳斯达克的定位中最为明显。”</blockquote> <img src=\"https://static.tigerbbs.com/6281c4e4ef83849068bf0c3a1e1adfbe\" tg-width=\"1260\" tg-height=\"636\"><blockquote></blockquote> As of the last update (last Tuesday’s close), the decline in Nasdaq futures positioning was roughly halfway back to the lows of 2018 in terms of dollar value and contracts, she said.<blockquote>她说，截至上次更新（上周二收盘），就美元价值和合约而言，纳斯达克期货头寸的下降幅度大约回到了 2018 年低点的一半。</blockquote> Calvasina also suggested investors keep an eye on valuations for the tech + internet + media + telecom (TIMT) space, based on where those levels were in the bubble of 2000.<blockquote>Calvasina 还建议投资者根据 2000 年泡沫中的水平，关注科技 + 互联网 + 媒体 + 电信 (TIMT) 领域的估值。</blockquote> “Our work here also suggests that big tech underperformance hasn’t run its course,” she said, even with sharp falls seen early this year, the weighted median forward price/earnings measure of TIMT sits at 26.2 times, well above a long-term average of 18.3 times. It is also elevated on a forward price/earnings relative to the S&amp;P 500.<blockquote>“她说：”尽管今年年初股价大幅下跌，但 TIMT 的加权远期市盈率中位数仍为 26.2 倍，远高于 18.3 倍的长期平均水平。相对于标普500，它的远期价格/收益也较高。</blockquote> <img src=\"https://static.tigerbbs.com/7306c8462ecd9679fb16c08ac3a469c7\" tg-width=\"1260\" tg-height=\"646\">UNCREDITED<blockquote>未入账</blockquote> As for what investors should do now, Calvasina has been telling clients that small-caps look cheap versus large-caps, and financials, energy and material don’t look expensive yet.<blockquote>至于投资者现在应该怎么做，Calvasina 一直告诉客户，与大盘股相比，小盘股看起来很便宜，金融、能源和材料看起来还不贵。</blockquote> She is also eyeing the midcap space for a few reasons. Firstly, the Russell Midcap&nbsp;and S&amp;P 400 MidCap&nbsp;benchmark indexes are more exposed to cyclical sectors than TIMT, futures positioning on those smaller stocks isn’t looking stretched (see chart below) and valuations look attractive versus large-caps, and reasonable versus smaller companies, she argues.<blockquote>出于几个原因，她也在关注中型股领域。她认为，首先，罗素中型股和标准普尔 400 中型股基准指数比 TIMT 更容易受到周期性行业的影响，这些小型股票的期货头寸看起来并不捉襟见肘（见下图），而且与大盘股相比，估值看起来很有吸引力，与小公司相比，估值看起来也很合理。</blockquote> <img src=\"https://static.tigerbbs.com/750d414832524e7c7c6e718db9a1d110\" tg-width=\"1260\" tg-height=\"653\">UNCREDITED<blockquote>未入账</blockquote> “We’ve been advising managers to move down market cap, given the tendency of low market cap to outperform within the Russell 1000&nbsp;coming out of recessions and over time,” said Calvasina.<blockquote>“卡尔瓦西纳说：”我们一直建议管理者降低市值，因为在经济衰退后，随着时间的推移，低市值往往会跑赢罗素 1000 指数。</blockquote> The markets<blockquote>市场</blockquote> Stock futures&nbsp;are pointing to gains across the board, led by beaten-down techs,up 2%. European markets&nbsp;are rising. That is as pressure on bonds ease up, with the yield on the 10-year U.S. Treasury note&nbsp;down 7 basis points to 1.52%.<blockquote>在遭受重创的科技股的带领下，股票期货全面上涨，上涨 2%。欧洲市场正在上涨。与此同时，债券压力有所缓解，10年期美国国债收益率下降7个基点至1.52%。</blockquote> The chart<blockquote>图表</blockquote> It was a bumpy ride on Tuesday for China’s CSI 3000,which lost 2.1%, evenamid a reportthat Chinese state funds were buying stocks.<blockquote>中国沪深 3000 指数周二跌宕起伏，下跌 2.1%，尽管有报道称中国主权财富基金正在买入股票。</blockquote> <img src=\"https://static.tigerbbs.com/f2dd0668688161c84ab8c9e5a6d520a8\" tg-width=\"906\" tg-height=\"482\"><blockquote></blockquote> The quote<blockquote>报价</blockquote> “I’m happy that the market is broadening out.” That was Cathie Wood, founder of the popular ARK Investment Management and exchange-traded funds like ARK Innovation,speaking in aBloomberg interviewlate on Monday. She says she’s finding opportunities in the recent tech selloff.<blockquote>“我很高兴市场正在扩大”。这是广受欢迎的 ARK Investment Management 和 ARK Innovation 等交易所交易基金的创始人凯西·伍德 (Cathie Wood) 周一晚间在接受彭博社采访时发表的讲话。她说，她在最近的科技抛售中发现了机会。</blockquote> The buzz<blockquote>嗡嗡声</blockquote> One stock that several ARK ETFs are exposed to is electric-car maker Tesla.The tech selloff has erasedmore than a quarter of a trillion dollarsoff the electric-car maker’s market cap in just over a month. But shares are up about 5% in premarket.<blockquote>几只 ARK ETF 投资的一只股票是电动汽车制造商特斯拉。在短短一个多月的时间里，科技抛售已经让这家电动汽车制造商的市值蒸发了超过四分之一万亿美元。但盘前股价上涨约 5%。</blockquote> Small businesses are less anxious, but wrestling with an uneven recovery, the latest&nbsp;data compiled by the National Federation of Independent Business showed.<blockquote>全国独立企业联合会汇编的最新数据显示，小企业不那么焦虑，但正在努力应对不均衡的复苏。</blockquote> The COVID-19 vaccine from drug company Pfizer&nbsp;and its partner BioNTech&nbsp;neutralized a fast-spreading Brazilian variant of coronavirus,according to a new study.And Russia’s Sputnik V vaccine will soon beproduced in Europe.<blockquote>根据一项新的研究， 制药公司辉瑞及其合作伙伴 BioNTech 的 COVID-19 疫苗中和了一种快速传播的巴西冠状病毒变种。俄罗斯的“卫星-V”疫苗也将很快在欧洲生产。</blockquote> Shares of videogames retailer GameStop,the poster child of the retail frenzy from earlier this year, aresurging in premarketafter the company said it has createda new strategy committee&nbsp;to identify ways to accelerate its transformation. The Senate Banking Committee will hold a&nbsp;hearing on the GameStop saga on Tuesday.<blockquote>视频游戏零售商 GameStop 是今年早些时候零售狂潮的典型代表，该公司表示已成立新的战略委员会，以确定加速转型的方法，该公司的股价在盘前上涨。参议院银行委员会将于周二就游戏驿站事件举行听证会。</blockquote> Stitch Fix&nbsp;shares are tumbling, after the retailer’s sales numbersfell short of Wall Street hopes.<blockquote>Stitch Fix 的销售数据未达到华尔街的希望，该零售商的股价正在暴跌。</blockquote> Zoom&nbsp;founder Eric Yuan transferred $6 billion worth of his shares to unspecified beneficiaries last week,says a regulatory filing.<blockquote>一份监管文件称，Zoom 创始人袁埃里克上周将价值 60 亿美元的股份转让给了不明受益人。</blockquote>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>战略家认为，这一明确信号表明大型科技公司的解散尚未完成</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis clear signal says the big tech unwind isn’t done yet, according to strategist<blockquote>战略家认为，这一明确信号表明大型科技公司的解散尚未完成</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-03-09 20:31\n\n</h4>\n</header>\n<article>\nCritical information for the U.S. trading day<blockquote>美国交易日的关键信息</blockquote> Get that Dow&nbsp;32,000 beanie hat ready for Tuesday, as pressure in the bond market continues to ease and celebrating over a $1.9 trillion stimulus package carries on a bit. Futures are also pointing to a sharp rebound for technology stocks after the Nasdaq Composite&nbsp;fell into correction territory on Monday.<blockquote>随着债券市场的压力继续缓解，以及对超过 1.9 万亿美元刺激计划的庆祝活动继续进行，周二准备好道琼斯 32,000 点的帽子。在纳斯达克综合指数周一跌入回调区域后，期货也表明科技股将大幅反弹。</blockquote> One valid question to ask right now is, how much more of a pullback for techs will we see? “Our work on positioning suggests that the big tech unwind may be at least halfway done, but isn’t finished,” said Lori Calvasina, RBC Capital’s head of U.S. equity strategy, in our&nbsp;call of the day.<blockquote>现在要问的一个合理问题是，我们还会看到多少科技股的回调？“加拿大皇家银行资本（RBC Capital）美国股票策略主管洛里-卡尔瓦西纳（Lori Calvasina）在我们的报告中说：”我们在定位方面的工作表明，大型科技公司的退出可能至少已经完成了一半，但还没有完成。今日看涨期权.</blockquote> Calvasina based this on a tracking of weekly Nasdaq futures contracts, provided by the U.S. Commodity Futures Trading Commission. The data are used by some on Wall Street as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets.<blockquote>Calvasina 基于美国商品期货交易委员会提供的每周纳斯达克期货合约跟踪。这些数据被华尔街的一些人用来衡量对冲基金和机构投资者在美国股市中定位的情绪。</blockquote> “This indicator…returned to 2013-2014 peaks on a dollar value basis [left image] earlier this year, and to levels that have marked the peak several times since then in terms of the number of contracts owned [right image],” she said. “While U.S. equity futures positioning generally has been highlighting risk of a pullback in stocks in recent months, that signal has been the most clear in Nasdaq positioning.”<blockquote>“她说：”今年早些时候，这一指标.按美元价值计算回到了 2013-2014 年的峰值[左图]，而此后，就持有合同数量而言，又回到了数次达到峰值的水平[右图]。“虽然近几个月来美国股票期货的定位普遍凸显了股市回调的风险，但这一信号在纳斯达克的定位中最为明显。”</blockquote> <img src=\"https://static.tigerbbs.com/6281c4e4ef83849068bf0c3a1e1adfbe\" tg-width=\"1260\" tg-height=\"636\"><blockquote></blockquote> As of the last update (last Tuesday’s close), the decline in Nasdaq futures positioning was roughly halfway back to the lows of 2018 in terms of dollar value and contracts, she said.<blockquote>她说，截至上次更新（上周二收盘），就美元价值和合约而言，纳斯达克期货头寸的下降幅度大约回到了 2018 年低点的一半。</blockquote> Calvasina also suggested investors keep an eye on valuations for the tech + internet + media + telecom (TIMT) space, based on where those levels were in the bubble of 2000.<blockquote>Calvasina 还建议投资者根据 2000 年泡沫中的水平，关注科技 + 互联网 + 媒体 + 电信 (TIMT) 领域的估值。</blockquote> “Our work here also suggests that big tech underperformance hasn’t run its course,” she said, even with sharp falls seen early this year, the weighted median forward price/earnings measure of TIMT sits at 26.2 times, well above a long-term average of 18.3 times. It is also elevated on a forward price/earnings relative to the S&amp;P 500.<blockquote>“她说：”尽管今年年初股价大幅下跌，但 TIMT 的加权远期市盈率中位数仍为 26.2 倍，远高于 18.3 倍的长期平均水平。相对于标普500，它的远期价格/收益也较高。</blockquote> <img src=\"https://static.tigerbbs.com/7306c8462ecd9679fb16c08ac3a469c7\" tg-width=\"1260\" tg-height=\"646\">UNCREDITED<blockquote>未入账</blockquote> As for what investors should do now, Calvasina has been telling clients that small-caps look cheap versus large-caps, and financials, energy and material don’t look expensive yet.<blockquote>至于投资者现在应该怎么做，Calvasina 一直告诉客户，与大盘股相比，小盘股看起来很便宜，金融、能源和材料看起来还不贵。</blockquote> She is also eyeing the midcap space for a few reasons. Firstly, the Russell Midcap&nbsp;and S&amp;P 400 MidCap&nbsp;benchmark indexes are more exposed to cyclical sectors than TIMT, futures positioning on those smaller stocks isn’t looking stretched (see chart below) and valuations look attractive versus large-caps, and reasonable versus smaller companies, she argues.<blockquote>出于几个原因，她也在关注中型股领域。她认为，首先，罗素中型股和标准普尔 400 中型股基准指数比 TIMT 更容易受到周期性行业的影响，这些小型股票的期货头寸看起来并不捉襟见肘（见下图），而且与大盘股相比，估值看起来很有吸引力，与小公司相比，估值看起来也很合理。</blockquote> <img src=\"https://static.tigerbbs.com/750d414832524e7c7c6e718db9a1d110\" tg-width=\"1260\" tg-height=\"653\">UNCREDITED<blockquote>未入账</blockquote> “We’ve been advising managers to move down market cap, given the tendency of low market cap to outperform within the Russell 1000&nbsp;coming out of recessions and over time,” said Calvasina.<blockquote>“卡尔瓦西纳说：”我们一直建议管理者降低市值，因为在经济衰退后，随着时间的推移，低市值往往会跑赢罗素 1000 指数。</blockquote> The markets<blockquote>市场</blockquote> Stock futures&nbsp;are pointing to gains across the board, led by beaten-down techs,up 2%. European markets&nbsp;are rising. That is as pressure on bonds ease up, with the yield on the 10-year U.S. Treasury note&nbsp;down 7 basis points to 1.52%.<blockquote>在遭受重创的科技股的带领下，股票期货全面上涨，上涨 2%。欧洲市场正在上涨。与此同时，债券压力有所缓解，10年期美国国债收益率下降7个基点至1.52%。</blockquote> The chart<blockquote>图表</blockquote> It was a bumpy ride on Tuesday for China’s CSI 3000,which lost 2.1%, evenamid a reportthat Chinese state funds were buying stocks.<blockquote>中国沪深 3000 指数周二跌宕起伏，下跌 2.1%，尽管有报道称中国主权财富基金正在买入股票。</blockquote> <img src=\"https://static.tigerbbs.com/f2dd0668688161c84ab8c9e5a6d520a8\" tg-width=\"906\" tg-height=\"482\"><blockquote></blockquote> The quote<blockquote>报价</blockquote> “I’m happy that the market is broadening out.” That was Cathie Wood, founder of the popular ARK Investment Management and exchange-traded funds like ARK Innovation,speaking in aBloomberg interviewlate on Monday. She says she’s finding opportunities in the recent tech selloff.<blockquote>“我很高兴市场正在扩大”。这是广受欢迎的 ARK Investment Management 和 ARK Innovation 等交易所交易基金的创始人凯西·伍德 (Cathie Wood) 周一晚间在接受彭博社采访时发表的讲话。她说，她在最近的科技抛售中发现了机会。</blockquote> The buzz<blockquote>嗡嗡声</blockquote> One stock that several ARK ETFs are exposed to is electric-car maker Tesla.The tech selloff has erasedmore than a quarter of a trillion dollarsoff the electric-car maker’s market cap in just over a month. But shares are up about 5% in premarket.<blockquote>几只 ARK ETF 投资的一只股票是电动汽车制造商特斯拉。在短短一个多月的时间里，科技抛售已经让这家电动汽车制造商的市值蒸发了超过四分之一万亿美元。但盘前股价上涨约 5%。</blockquote> Small businesses are less anxious, but wrestling with an uneven recovery, the latest&nbsp;data compiled by the National Federation of Independent Business showed.<blockquote>全国独立企业联合会汇编的最新数据显示，小企业不那么焦虑，但正在努力应对不均衡的复苏。</blockquote> The COVID-19 vaccine from drug company Pfizer&nbsp;and its partner BioNTech&nbsp;neutralized a fast-spreading Brazilian variant of coronavirus,according to a new study.And Russia’s Sputnik V vaccine will soon beproduced in Europe.<blockquote>根据一项新的研究， 制药公司辉瑞及其合作伙伴 BioNTech 的 COVID-19 疫苗中和了一种快速传播的巴西冠状病毒变种。俄罗斯的“卫星-V”疫苗也将很快在欧洲生产。</blockquote> Shares of videogames retailer GameStop,the poster child of the retail frenzy from earlier this year, aresurging in premarketafter the company said it has createda new strategy committee&nbsp;to identify ways to accelerate its transformation. The Senate Banking Committee will hold a&nbsp;hearing on the GameStop saga on Tuesday.<blockquote>视频游戏零售商 GameStop 是今年早些时候零售狂潮的典型代表，该公司表示已成立新的战略委员会，以确定加速转型的方法，该公司的股价在盘前上涨。参议院银行委员会将于周二就游戏驿站事件举行听证会。</blockquote> Stitch Fix&nbsp;shares are tumbling, after the retailer’s sales numbersfell short of Wall Street hopes.<blockquote>Stitch Fix 的销售数据未达到华尔街的希望，该零售商的股价正在暴跌。</blockquote> Zoom&nbsp;founder Eric Yuan transferred $6 billion worth of his shares to unspecified beneficiaries last week,says a regulatory filing.<blockquote>一份监管文件称，Zoom 创始人袁埃里克上周将价值 60 亿美元的股份转让给了不明受益人。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/this-clear-signal-says-the-big-tech-unwind-isnt-done-yet-according-to-strategist-11615292077?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/this-clear-signal-says-the-big-tech-unwind-isnt-done-yet-according-to-strategist-11615292077?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1111423037","content_text":"Critical information for the U.S. trading day\nGet that Dow 32,000 beanie hat ready for Tuesday, as pressure in the bond market continues to ease and celebrating over a $1.9 trillion stimulus package carries on a bit. Futures are also pointing to a sharp rebound for technology stocks after the Nasdaq Composite fell into correction territory on Monday.\nOne valid question to ask right now is, how much more of a pullback for techs will we see? “Our work on positioning suggests that the big tech unwind may be at least halfway done, but isn’t finished,” said Lori Calvasina, RBC Capital’s head of U.S. equity strategy, in our call of the day.\nCalvasina based this on a tracking of weekly Nasdaq futures contracts, provided by the U.S. Commodity Futures Trading Commission. The data are used by some on Wall Street as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets.\n“This indicator…returned to 2013-2014 peaks on a dollar value basis [left image] earlier this year, and to levels that have marked the peak several times since then in terms of the number of contracts owned [right image],” she said. “While U.S. equity futures positioning generally has been highlighting risk of a pullback in stocks in recent months, that signal has been the most clear in Nasdaq positioning.”\n\nAs of the last update (last Tuesday’s close), the decline in Nasdaq futures positioning was roughly halfway back to the lows of 2018 in terms of dollar value and contracts, she said.\nCalvasina also suggested investors keep an eye on valuations for the tech + internet + media + telecom (TIMT) space, based on where those levels were in the bubble of 2000.\n“Our work here also suggests that big tech underperformance hasn’t run its course,” she said, even with sharp falls seen early this year, the weighted median forward price/earnings measure of TIMT sits at 26.2 times, well above a long-term average of 18.3 times. It is also elevated on a forward price/earnings relative to the S&P 500.\nUNCREDITED\nAs for what investors should do now, Calvasina has been telling clients that small-caps look cheap versus large-caps, and financials, energy and material don’t look expensive yet.\nShe is also eyeing the midcap space for a few reasons. Firstly, the Russell Midcap and S&P 400 MidCap benchmark indexes are more exposed to cyclical sectors than TIMT, futures positioning on those smaller stocks isn’t looking stretched (see chart below) and valuations look attractive versus large-caps, and reasonable versus smaller companies, she argues.\nUNCREDITED\n“We’ve been advising managers to move down market cap, given the tendency of low market cap to outperform within the Russell 1000 coming out of recessions and over time,” said Calvasina.\nThe markets\nStock futures are pointing to gains across the board, led by beaten-down techs,up 2%. European markets are rising. That is as pressure on bonds ease up, with the yield on the 10-year U.S. Treasury note down 7 basis points to 1.52%.\nThe chart\nIt was a bumpy ride on Tuesday for China’s CSI 3000,which lost 2.1%, evenamid a reportthat Chinese state funds were buying stocks.\n\nThe quote\n“I’m happy that the market is broadening out.” That was Cathie Wood, founder of the popular ARK Investment Management and exchange-traded funds like ARK Innovation,speaking in aBloomberg interviewlate on Monday. She says she’s finding opportunities in the recent tech selloff.\nThe buzz\nOne stock that several ARK ETFs are exposed to is electric-car maker Tesla.The tech selloff has erasedmore than a quarter of a trillion dollarsoff the electric-car maker’s market cap in just over a month. But shares are up about 5% in premarket.\nSmall businesses are less anxious, but wrestling with an uneven recovery, the latest data compiled by the National Federation of Independent Business showed.\nThe COVID-19 vaccine from drug company Pfizer and its partner BioNTech neutralized a fast-spreading Brazilian variant of coronavirus,according to a new study.And Russia’s Sputnik V vaccine will soon beproduced in Europe.\nShares of videogames retailer GameStop,the poster child of the retail frenzy from earlier this year, aresurging in premarketafter the company said it has createda new strategy committee to identify ways to accelerate its transformation. The Senate Banking Committee will hold a hearing on the GameStop saga on Tuesday.\nStitch Fix shares are tumbling, after the retailer’s sales numbersfell short of Wall Street hopes.\nZoom founder Eric Yuan transferred $6 billion worth of his shares to unspecified beneficiaries last week,says a regulatory filing.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":460,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":36,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/323997549"}