US tech stocks bounced off their lows overnight to finish down 1.2%, after being down ~2% at the lows, extending the pullback to 7.2%, a very similar move to the ASX200. Stocks may have retreated again on Tuesday, with tech shares continuing to retreat on concerns about valuations of AI, but buyers of “risk” returned into weakness with Bitcoin bouncing ~4% after briefly trading below $US90,000, a sign of renewed risk-taking by investors.
- We continue to give the bull market the benefit of the doubt, and from a risk/reward perspective, the NASDAQ is now getting interesting below 25,000.
MM is neutral on US stocks in the short term but close to turning bullish
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