The US was closed overnight for Presidents Day, and the S&P500 futures appeared to enjoy the extended weekend trading in a very tight band.
- We continue to adopt a neutral stance towards US stocks after their strong gains led by the “Magnificent Seven”.
MM is neutral towards US stocks short-term
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The highly correlated UK FTSE has traded in a similar sideways pattern to the ASX over the last few years, and there are no obvious reasons to pre-empt a breakout in either direction. However, if MM is correct and the Resources Sector outperforms over the coming months, the next 5-10% could be on the upside.
- Fighting the trends since COVID has proven a fruitless game, both the ASX & FTSE have been tracking sideways for years, i.e. don’t fight the tape.
MM remains neutral towards European equities
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