Last week, customers of the Bank of America sold off tech stocks in record numbers.

BlockBeats News, March 26th, Bank of America's quantitative strategist Jill Carey Hall wrote in a research report, "Based on data tracing back to as early as 2008, Bank of America clients last week sold US technology stocks at a record high level. It is expected that tech stocks will continue to lose their leadership position. As tech stocks faced selling pressure, the US stock market saw the largest net selling volume since August last year, with a net sell-off volume of $5.8 billion. Institutional and hedge fund clients were net sellers, while retail clients became net buyers for the 15th consecutive week and recorded the third largest historical fund inflow. Corporate buybacks slowed down, staying below typical seasonal levels for the third consecutive week. Clients sold off 5 out of 11 sectors, with technology, communication services, and essentials at the forefront; similar to the previous week, inflows into cyclical industries indicate that they are not repositioning for an economic recession." (FX678)