Overnight we saw US stocks add to Friday’s gains with the broad-based S&P500 closing up +1.2% driven by gains in the Healthcare & IT Sectors i.e. traditional growth areas. On balance, we now believe the S&P500 is set to correct its 28% correction year to date with our ideal target area back towards August highs ~4300.
- We still believe investors are positioned for lower prices for US stocks which by definition leaves plenty of room for short-term squeezes on the upside.
MM remains bullish on US equities into Christmas
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