US indices failed to hold onto all of their early gains in volatile trading as caution prevailed even after bond yields and the $US slipped lower. High Beta asset class Bitcoin, which is often regarded as an excellent leading indicator for stocks, collapsed well over 10% souring appetite for risk as investors were reminded in an unsubtle manner of the painful declines “risk assets” have endured through 2022.
- 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.
- However while we are bullish our preference remains for a choppy volatile bounce after an awful year to date.
MM remains bullish on US stocks into Christmas
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