Similarly US stocks have drifted over 2.5% from their high earlier in the month, there have been no major standouts just some classic seasonal “wobbles” with the Delta Strain & Chinese Property bubble concerns cited by many as reasons to migrate away from risk assets, and towards the safety of cash. Considering the advance enjoyed by stocks over the last 12 & 18-months respectively a few weeks consolidation is hardly surprising. Another 1,000-points downside for the Dow and the risk / reward will be attractive for the backfoot buyer I.e. accumulate into weakness.
MM’s remains bullish US equities medium-term
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