US growth stocks rebounded strongly as they digested the Fed’s rhetoric, as we’ve been touting of late towards reporting season “not too bad is good enough” and this now appears to be the case when it comes to macroeconomic news i.e. the Fed news this morning wasn’t overly friendly for stocks but after initially falling they reversed with the S&P500 closing up +1% – in our opinion, the markets simply positioned too bearishly.
- We believe the influential US tech stocks remain the key to the relative performance of the broader US stock market and they’re strong at present.
- Our preferred scenario is the S&P500 eventually breaks to the upside and tests the 4300 area.
MM is mildly bullish on US equities into February
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