As mentioned above, the tech based NASDAQ had a great week and is now one good session away from breaking out to all-time highs. Consolidation in bond yields during the week was the key which confirms in MM’s mind that it’s the pace at which interest rates had risen rather than the absolute level of rates that the market really cares about. Whether interest rates are at 1.7% or 2.5% the market will deal with it, and in MM’s view conclude that it’s a low absolute level, however when rates rise ~300% in ~6 months it creates an obvious headwind, particularly for long duration assets like high value growth stocks.
MM has now become more neutral the NASDAQ around all time highs
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