HSBC strategists led by Max Kettner expect only very shallow drawdowns in the coming months and would use any dips to boost risk asset exposure. They say sentiment and positioning are still flashing a buy signal.

The major market averages moved up on Tuesday, as Wall Street digested a flurry of post-inauguration moves by President Donald Trump. Early on and the benchmark S&P 500 (SP500) was +0.4%, the  Nasdaq Composite (COMP:IND) was +0.