US Stock Positioning Shows Pullback Risk, Citi’s Montagu Says
- S&P futures attract new longs of $7.1b last week, Citi says
- New shorts in Nasdaq futures trim very bullish positioning
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Investors piled into bullish bets on US stock futures toward the end of June, leaving positioning looking “very extended” and raising the risk of a pullback, Citigroup Inc. strategists said.
New longs of about $7.1 billion were added to S&P 500 futures last week, and investors are sitting on “moderately large profits,” according to a note from the bank dated July 3.