US stocks retreated overnight on concerns China would tighten its Covid restrictions further weighing on global growth while the oil market recovered from early losses as OPEC considers further output cuts. US equities are approaching the end of November with some decent gains under their belt making it easy for short-term traders to reduce some exposure as the China concerns escalate – in other words fitting our expected “3 steps forward, 2 back” advance into Christmas.
NB Last night Apple Inc (AAPL US) fell over 3% on the news out of China which clearly weighed on both the major indices and sentiment.
- We are still bullish on US stocks into Christmas with our initial target around 4200, now only ~5% higher.
MM remains mildly bullish on US equities into Christmas
Add To Hit List
