The story with US big tech is even more impressive as it breaks out to fresh highs yet again, the songs remained the same for the last few years and the way in which growth stocks managed to shrug off the major spikes by inflation around the globe surprised even the most bullish pundits, including ourselves i.e. the tech based NASDAQ plunged 23% back in 2018 on inflation / rising bond yield concerns. We remain bullish short-term but there is one concerning argument lurking in the background:
- Fund managers are slowly losing confidence in the broader market illustrated by underperformance from indices such as the Russell 3000, this implies fund managers are scarred to miss out on further gains into Christmas but they’re only buying what feels “safe” e.g. Apple Inc (AAPL US) and Microsoft (MSFT US).
MM’s remains bullish US tech short-term
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