Over recent weeks US indices have been smacked as bond yields have turned higher with the tech names again standing out on the downside e.g. the NASDAQ has fallen almost -15% from last month’s swing high. Interestingly on Friday, we saw the NASDAQ reverse aggressive early losses to only close down –0.55%, near its intra-day high. We believe this downside move is tiring and while the FOMC will undoubtedly bring with it some volatility we now like the risk/reward on the buys side although we cannot rule out a spike down under the Junes low, but if that unfolds we again will be looking to buy such weakness.
- After the pullback over the last month MM is a buyer of weakness across US stocks but they do appear far more likely to break their June low than the ASX.
MM is now bullish US equities into Christmas
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