US NASDAQ futures rallied +1.7 overnight as buyers finally surfaced to pick up stocks into weakness even ahead of the Feds anticipated largest rate hike in over 20-years. Encouragingly dip buyers emerged as US 10-year bonds traded around 3% as the interest rates start to feel like old news, or at least the 1st leg higher does. The shift away from “easy money” should continue to weigh on risk assets but we believe the next 15% for US tech could easily be on the upside i.e. a classic oversold bounce as anticipated rate rises become reality.
MM is mildly bullish US equities over the coming weeks
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