He cautions against stocks with high valuations in areas like enterprise software, which face more downside risk.

While buyers rushed into the market to support technology issues after their sharp fall, broader economic trends might continue to work against stocks.

But not everyone is turning against foreign stocks.

The sales could have been offset by a reduction in short positions, or bets against stocks - positions that he is not required to report.

For such firms, to continue advising against high-tech stocks is to risk extinction.

The league prefers that buyers put up cash and borrow against stocks.

Many who had bet against stocks decided to close out their positions rather than be run over by an emotional rally.

The ministry's monetary department said it would simplify ways for investors to borrow money against stocks at banks.

"I've had to sell some mutual funds and borrow against stocks to keep investing," Anderson said.

Investors who bet against stocks see some opportunities.