Overnight we saw US stocks experience a choppy session swinging around after the Fed minutes but ultimately appearing to decide that the CPI numbers on Thursday are far more important. However, stocks clearly remain very nervous and a close back above 3700 by the S&P500 is required to make us feel more confident that a rally is underway.
- We still believe US stocks will test their August highs into Christmas but it’s likely to be a volatile journey i.e. if we are correct the current upside is around 15-20%.
MM remains bullish US equities into Christmas
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