US indices rallied again overnight led by the Tech Sector as earnings helped sentiment plus bond yields slipped lower. Among companies beating expectations and subsequently rallying was Coca-Cola (KO US) but heavyweights Alphabet (GOOGL US) & Microsoft (MSFT US) disappointed and fell in after-hours trade. About 25% of companies have reported earnings so far with more than half outperforming which is a win in today’s bearish environment i.e. things aren’t as bad as many feared.
- We believe US stocks have bottomed for 2022 and remain bullish looking for a test of August highs into Christmas i.e. around 12% higher.
MM remains bullish on US stocks into Christmas
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