US stocks remained firm overnight with the small caps Russell 2000 index running fairly hot putting on +2% compared to the Dow which closed up less than +0.1%. Our overall stance towards equities remains unchanged but the last few weeks have certainly been a test of the first of the 2 points below:
Ideally we will see a classical seasonal correction through May & June after the strong post COVID rally, however we remain bullish into 2022 with our initial target for the Russell 2000 another +10% higher.
MM remains bullish US stocks medium-term
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