Fund Managers Support Rally in Nasdaq 100 to a Record High

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The Nasdaq 100 Stock Index ($IUXX) (QQQ) rallied to a new record high today and is up more than +5% this year. Fund managers have been loading up on technology stocks and index futures, supporting the rally. According to Societe Generale’s weighted analysis of data on the Nasdaq 100 Index futures and e-mini contracts provided by the Commodities Futures Trading Commission, hedge funds hold the most net-long Nasdaq 100 futures in nearly seven years. Other measures also show hedge funds’ extreme bullishness toward technology stocks. This month’s global fund manager survey from Bank of America sho…

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