US indices closed firmly this morning with the S&P500 up +1.1% but after opening with a bang the market saw its best early as half of the early gains slowly eroded away as investors remain understandably reticent to chase market strength. Apple Inc (AAPL US) was the backbone of the indexes advance from a points perspective but the main news hit the screens aftermarket with Netflix (NFLX US) adding 2.41 million customers in the 3rd quarter, its growing again! The update was well ahead of expectations as the business grew in all regions and they now expect to sign up another 4.5mn people this period – the stock popped +16% in after-hours trade on the news.
- We believe US stocks have probably bottomed for 2022 and remain bullish looking for a test of August highs into Christmas i.e. around 15% higher.
MM remains bullish US stocks into Christmas
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