US stocks surrendered their gains of the last 2-days overnight as recession fears intensified following very weak consumer confidence data, this time around a fall in bond yields wasn’t enough to support equities. We’re still looking for a choppy advance towards the 4100 area for the S&P500 index but we remain conscious that the trends down and surprises usually unfold with the trend.
- MM sticks to our mantra that 2022 will be a year investors should focus on selling strength as opposed to buying weakness but if we were shorter term traders we would be buying around 3800.