MM felt US stocks delivered a stellar performance overnight rallying from steep early losses to close little changed e.g. the NASDAQ was down -2% following the hawkish CPI but it managed to claw back basically all of these losses to end the day down only -0.1%. We still believe the battered heavyweight US tech stocks can drag the US market higher with the next 24-48 hours likely to reveal all as investors further digest the overnight CPI data but a market that doesn’t fall on bad news is usually strong.
- The US Fear Gauge (VIX) fell overnight suggesting investors were becoming increasingly comfortable with the current levels of equities.
MM is mildly bullish US equities over the coming weeks
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