US indices failed to hold onto gains as investors appeared to get nervous ahead of the Fed following data showing the labour market remains very strong. The resilient jobs data heightened speculation that the Fed could remain aggressively hawkish even in the face of a potential recession, interestingly it was the 26th time the S&P500 surrendered a gain/loss of 1% in one day, the most since the GFC illustrating the current levels of uncertainty.
- 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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