US stocks enjoyed a solid rally overnight even as bond yields continued to rise, the fact that tech was an outperformer strongly suggests that higher interest rates are built into stock prices at least into Q2 of 2022. Importantly while we are bullish short-term we wouldn’t advocate chasing strength at this stage of the cycle, unlike with the local market we’re not convinced the S&P500 et al will test / make fresh all-time highs this year.
MM remains mildly bullish US stocks through March, into April
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