The Market is 'Just Exhausted', Says Odeon

Odeon analyst Jahanara Nissar commented on today's selloff in tech, a move that has largely puzzled many on Wall Street. The analyst noted cautious comments on equities from JP Morgan strategist Kolanovic Marko and Oaktree's Howard Marks weren't tech specific, and offered several alternative theories, including rebalancing away from tech and a view that the market is simply "exhausted."

There has been a change in sentiment in financial and mining & industrials are back, so portfolio managers are rebalancing away from tech, said Nissar. Mining and Industrial are back because global growth is better than expected ... financials have rallied since Scaramucci was named Communications Director.

Discussing another possible explanation, analysts said, "Traders tell me this pullback was simply because the Market was just ready to sell off. SPX at 2480 is a huge technical level, we got to 2484 and sold off. The Market is just exhausted here, SPX will test 2440-2455 and then we will see..."

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