MQG impressively shrugged off overnight weakness in US investment bank Goldman Sachs (GS US), the longer that MQG can keep knocking on the $180 resistance door the more likely it is to rapidly pop to $190, and above e.g. written calls around the $180-185 level are likely to cover/roll on mass leading to a short, sharp squeeze on the upside.
- We are encouraged by MQG’s strength yesterday and have an initial target of ~$190, or 6% above yesterday’s close.
- Currently we have a large 7% exposure to MQG in our Flagship Growth Portfolio which we may trim into such a move.
MM remains long and bullish MQG
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