[Citi Strategist: Clients' Positioning Reflects Bearish Tendency in the U.S. Stock Market] Golden Finance reported that Citigroup strategists believe that the sell-off in the U.S. stock market last week may cause major stock indexes to fall further. Strategist Chris Montagu and others said in a report to clients on Monday that the large-scale liquidation of long positions in the S&P 500 index and the increase in short positions in the Nasdaq 100 index both indicate that risk appetite has shifted to a more direct bearish tendency. They said that hedge funds' de-risking operations in the S&P 500 index have left total exposure at only half of the peak in mid-July.