US stocks tried to rally from their June lows yesterday but the weight of bad news was too much to entice buyers from their sanctuary of cash in any sustainable fashion – traders are apparently now sitting on a massive $US5 trillion in cash, its this very cash which MM believes will ultimately propel stocks higher into Christmas in very similar manner to the advance from June into August.
- The Dow has already broken its June low as the Energy Sector leads the market lower, the S&P500 and NASDAQ are likely to follow.
- However these are all micro swings, we believe stocks will find a low in the coming days/weeks.
MM remains bullish US equities into Christmas
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