Overnight we saw US stocks surrender early gains after bond yields again posted fresh 2022 highs on worries the Fed will remain hawkish and ultimately push the US economy into a recession. The 35th anniversary of the ’87 crash failed to deliver a sustained recovery which as we’ve said previously makes sense with the Fed looming just 2-weeks away.
- We still believe investors are positioned for lower prices for US stocks which by definition leaves plenty of room for short-term surprises on the upside.
MM remains bullish on US equities into Christmas
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