US stocks experienced another volatile session overnight, they initially rallied strongly before reversing lower through most of the session with sentiment whipsawing around Yellen’s comments on Thursday and Friday. Her reassurances late this morning appeared well-timed as they reversed a falling market which by definition illustrates the fragile nature of the recent recovery in stocks.
- We continue to look for US stocks to push higher over the coming months albeit in a “3 steps forward 2 steps back” manner – similar to last night’s volatile gyrations.
- In the same vein as last night we continue to expect the interest-sensitive tech stocks to lead any broad market recovery.
MM remains bullish towards the NASDAQ through March/April
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In a well-timed move considering todays report gold surged to fresh one-year highs on a day as bond yields edged lower with the US 2 years falling -0.14% to under 3.8%, while the $US was fairly flat.
- We believe any surprises by precious metals and their respective stocks will be on the upside as central banks look to pivot.
MM remains bullish toward gold stocks on both a medium and long-term basis
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