US stocks struggled overnight as the market embraced MM’s theme for the coming year i.e. the banks & resources are poised to outperform growth names. In last night’s case it was all about selling the Tech stocks as concerns around rising bond yields gathers momentum e.g. Apple Inc (AAPL US) and Amazon.com (AMZN US) both fell well over 2%. These cracks in the NASDAQ names has taken the more broad based S&P500 down to within 2.5% of our long stated retracement target.
MM’s remains bullish US equities into Christmas & 2022
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