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Hedge Funds Turn Short on Tech Just as Stock Rally Takes Off

(Bloomberg) A key group of investors has just missed out on the biggest tech-stock rally since 2014. Hedge funds and other large speculators turned net short on Nasdaq 100 Index futures for the first time in 21 months, according to weekly data compiled by the Commodity Futures Trading Commission through Feb. 13. In fact, they became the most bearish since 2011. Meanwhile, the tech-heavy index gained 5.6 percent in the five days through Friday, the most since October 2014.

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