US stocks came under renewed pressure overnight on the back of concerns around rising energy prices as investors attempted to weigh up the impact on inflation and economic growth – the answer is it’s clearly bad with the core issue being just how bad. The more prolonged the Ukraine problem becomes the greater the “buy the dip” attitude is likely to be absent from equities as an “if in doubt sell” mantra becomes far more dominant. Under the circumstances, stocks are holding up ok but they certainly need a catalyst to regain some of 2022’s losses.
MM remains mildly bullish US equities over the coming month (s)
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