US stocks experienced some more FOMC jitters overnight with the high valuation ”Big Tech” names under the most pressure which makes no surprise as they’ve largely been responsible for the recent strong bounce in the S&P500. If we are correct into 2022 these growth names need to at least remain firm while the likes of the banks and resources can perform some of the heavy lifting.
- Our preferred scenario remains that the S&P500 will continue rallying into Christmas / 2022 but I again reiterate we believe the bull market is maturing fast and “selling the pop” now has as much foundation as “buying the dip”.
No change, MM remains mildly bullish US stocks into 2022
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