Investors Abandon Tech Stocks Amidst Market Turmoil

Bank of America reports early signs of investors fleeing from tech stocks after a "baby bubble" formed a 1999-like rally. The technology sector saw $2 billion outflows, the largest in 10 weeks, in the five trading days through June 21. Although crowded positioning and strong investor sentiment isn't an impediment to fresh upside, there's a bigger chance of a downside than upside this summer. Bank of America's team sees a maximum upside of 100-150 points versus downside of 300 points for the S&P 500 before Labor Day in September.