Australian shares appear set to edge higher, tracking gains on Wall Street. US stocks off session highs late. $A tops US70¢ mark.
Morgan Stanley strategist Mike Wilson said investors should be wary of the rally in US markets.
“Truth be told, it has been a powerful shift, but we also recognise that bear markets have a way of fooling everyone before they’re done. The final stages of the bear market are always the trickiest, and we have been on high alert for such head fakes, like the rally from October to December we anticipated and traded. In bear markets like last year’s, when just about everyone lost money, investors lose confidence.
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