Markets have clearly lost confidence in stocks over recent weeks although as we keep saying a pullback to, or below, Junes lows has been on the MM roadmap into 2023 hence for now we remain bullish looking for a Christmas squeeze back towards last month’s highs, in some regards, it doesn’t sound a big call but it certainly feels like it this morning!
- After the pullback over the last month MM remains a buyer of weakness across US stocks but they do now appear likely to dip under Junes 3600 support.
- We continue to enjoy a degree of comfort for our contrarian view that fund managers are holding all-time low allocations to stocks i.e. when we do eventually turn/bottom the recovery is likely to be swift.
MM remains bullish US equities into Christmas
Add To Hit List
