US stocks recovered lost ground into the close overnight but it’s clearly a small blip on the radar as markets brace for the Feds decision, as subscribers know MM is finding it hard to envisage how much more hawkish Jerome Powell et al can become but likewise we don’t anticipate any softening of their stance until we see a meaningful dip in inflation.
- We can see a far higher likelihood that US stocks break their June low but the risk/reward is not exciting for the bears in our opinion.
MM remains bullish US equities into Christmas
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