US stocks retreated overnight after surprisingly strong economic data sent bond yields and the $US higher which in turn reduced the market’s recent appetite for the “risk on” trade. The S&P500 finished the session 1.7% lower with bargain hunters noticeable by their absence i.e. the markets reasonably balanced around current levels.
- We believe the S&P500’s +17% rally from the October low is maturing fast and this is not the time to be chasing strength.
MM remains mildly bullish on broad-based US equities into Christmas
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