Marko Kolanovic On The Rally, The Election, Tech Crowding And COVID-19

"Many investors did not participate in the equity rally", JPMorgan's Marko Kolanovic writes, in a new note out Wednesday. That's a familiar argument. Talk of "real McCoy" bubbles and Robinhood manias notwithstanding, the fact is, positioning across key investor cohorts remained noticeably subdued over the course of the surge from the March lows, and equity fund flows have been similarly somnolent. "Low positioning is a result of high macro uncertainty and market volatility", Kolanovic says, be

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