Citigroup (NYSE:C) Outlook on Tech Sector for 2011

Commenting on hot sectors in 2011, Citigroup (NYSE:C) said they see tech as weak, and is looking at the energy sector, consumer goods, capital goods, and insurance as the top performers.

Citigroup's chief U.S. equity strategist, Tobias Levkovich, said, “everyone likes tech, and that’s often because they’ve already bought it,” adding that the performance of the Nasdaq this year was driven by just a few stocks, including Google (NASDAQ:GOOG) and Apple (NASDAQ:AAPL), meaning investors hadn't discerned the tech market too well.

As for segments of the tech sector, Citi has software and services and telecom as "Market Weight," while tech hardward is rated as "Underweight."

Levkovich said there will be a review a cople of months down the road, but he doesn't see the weak outlook for the tech sector changing over the next 6 months to a year.

He believes money will continue to migrate toward emerging markets.