德意志银行表示，始于7月下旬的科技板块轮动仍有空间继续。根据德意志银行策略师Parag Thatte领导的报告，自7月底以来，大盘成长股和科技股上涨14%至历史新高，而标普500指数其余部分同期下跌3%。
The rotation into tech which started in late July still has room to run, Deutsche Bank said. Mega-cap growth and tech stocks are up 14% since the end of July to a record high, compared with the rest of the S & P 500 which is down 3% over the same period, according to a report led by Deutsche Bank strategist Parag Thatte.
分析师指出，大盘成长股和科技股的相对跑赢表现已“升至其长期趋势通道的上半部分，但尚未触及顶部”。
The relative outperformance of mega-cap growth and tech stocks has "risen to the upper half of its long-run trend channel but is not yet at the top," the analysts noted.
此外，德意志银行表示，大盘成长股和科技股的仓位已上升至中性上方约0.8个标准差，“明显超配但远低于前期高点”，例如6月初曾触及第99百分位。
Also, the positioning in megacap growth and tech has risen to about 0.8 standard deviation above neutral, "clearly overweight but well below prior peaks" in periods such as early June when it topped out in the 99th percentile, Deutsche Bank said.
德意志银行称：“在单只股票期权中，大盘成长股和科技板块成交量大幅上升，其次是消费周期股、工业周期股和防御股”，并补充称能源股成交量下降，而材料股和金融股成交量微乎其微。
"Within single-stock options, volume in MCG & Tech rose sharply, followed by Consumer Cyclicals, Industrial Cyclicals, and the defensives," Deutsche Bank said, adding that volume for energy stocks declined, while volume in materials and financials was nominal.
德意志银行表示：“轮动现已进入后期但仍有空间继续”，并补充称其继续认为利率的[波动幅度]而非水平是股市的关键。
"The rotation is now advanced but still has some room to run," DB said, adding that it continues to see to see the [volume] of rates and not their level as key for equities.