US stocks experienced a choppy session overnight as would be expected after a Fed announcement, we had been looking for some major volatility in 2022 but an 18% correction by tech in the first few weeks was outside our expectations – tech names have actually fallen more on inflation & yield concerns than they did during the 2020 outbreak of COVID! We have to respect the possibility that growth names are playing with a very different set of rules than over the last decade:
MM is keener to sell rallies as opposed to buying dips this year although we feel the former comes first in what should prove a very testing year for investors who anticipate ongoing uninterrupted gains.
MM remains mildly bullish US tech stocks February / March
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