Invesco QQQ ETF (QQQ US)

19/10/2021 09:29

Global Indices

Overnight US stocks saw a recovery in the tech space which flags some reversion to yesterday’s fairly aggressive sector rotation. We still see the US tech space testing fresh highs i.e. rallying at least 5% into Christmas – some alarm bells might be ringing for nervous investors but MM remains happy to stay aboard the risk train into 2022.

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18/10/2021 09:20

US NASDAQ Index

US stocks are bouncing nicely with the “Big Tech” names finally finding some love last week, we remain bullish the NASDAQ initially targeting another assault on the psychological 16,000 area, or 5-7% higher i.e. the trends up and at this stage there’s no standout reason to be believe the latest 8.3% dip by the tech names wasn’t another opportunity to simply “buy the dip” – the successful practice adopted by many over recent years.

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15/10/2021 09:19

Global Indices

Overnight US stocks enjoyed a very strong session with the tech stocks best of a strong bunch as Apple Inc (AAPL US), Google (GOOGL US) and Microsoft (MSFT US) all rallied by over 2%. MM is still targeting a test of 16,000 for the NASDAQ, another 6-8% higher which should underpin most of the local tech names.

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14/10/2021 09:22

Global Indices

Overnight US stocks had a mixed session with the Dow struggling courtesy of  a tough session for JP Morgan (JPM US) while the NASDAQ led on the day courtesy of bond yields slipping lower. Our best guess is bond yields and the $US will have a deeper pullback from current levels which should see last night’s moves continue i.e. the resources and tech stocks rally, with our target for the NASDAQ still 8% higher.

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13/10/2021 09:32

Global Markets

US stocks slipped overnight but we still see the currently out of favour tech stocks constructive, albeit in a rapidly maturing bull market. Our preferred scenario is the NASDAQ comes back into favour and we see a 8-10% rally from current levels but importantly MM is likely to reduce our exposure into such a move both locally and overseas – this be definition probably implies a rest / pullback in bond yields.

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17/09/2021 09:27

Global Indices

US stocks had a relatively quiet / choppy session overnight but as we keep saying  the uptrend remains intact, our stance has not changed for months – “buy the dips and fade the pops”. The “Big Tech” end of town has led the advance and while another 10-15% pullback wouldn’t surprise all of the surprises / risks remain on the upside with this impressive bull trend.

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01/09/2021 09:37

US NASDAQ Index

The US tech stocks continue to drag the broader equity market ever higher e.g.  Google Alphabet (GOOGL US) and Microsoft (MSFT US) continue to notch record highs and they represent a whopping 10% of the S&P500! However what’s catching my attention is despite the ongoing rally in the NASDAQ / S&P500 the futures positioning is still net short, implying...

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26/07/2021 09:23

US NASDAQ 100 Index v US 10-year Bond Yields

At MM we often talk about bond yields driving equities with the acceleration higher by US tech since March, as bond yields continued to slip lower, illustrating perfectly that growth stocks historically revel in low interest rate environments.

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18/06/2021 09:19

US NASDAQ v DOW Jones Indices

US stocks have largely enjoyed a strong 2021 but the last month has seen some major outperformance from the tech end of town with the NASDAQ rallying ~9% while the Dow Jones has trod water with the drift lower in bond yields the main tailwind for the disparity in our opinion.

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04/06/2021 08:56

Overseas Indices & Markets

US and European stocks slipped lower overnight with the tech space the main mover falling over -1%, a decline which was overshadowed by Tesla (TSLA US) which tumbled more than 5%.

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