US indices experienced a quiet session overnight due to a dearth of news compared to the last few weeks, but the bullish takeout is that the broad-based S&P500 still closed higher. Quarterly reporting threw up some mixed results, with UBS Group (UBS US) up over 7% on very strong earnings while Ferrari (RACE US) slid 6% on an earnings miss.
- Our preferred road map over the coming weeks/months is the US market tests the 5500 area, now only 5-7% higher.
MM is bullish on US stocks short term
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Another day, another week, and the UK FTSE posted another new all-time high. ASX investors should take solace that the local index is highly correlated to its UK peer, with both having a large weighting of resource stocks.
- The FTSE is starting to accelerate higher. Hence, we see no reason to consider fading such a move, which adds weight to our bullish stance toward the ASX200.
MM remains bullish towards the UK FTSE medium-term
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