Kolanovic: Stock Rally ‘Makes Little Sense For Rational Investors’

JPMorgan's Marko Kolanovic worries investors are exhibiting signs of irrationality. "For a rational investor, we think this makes little sense," analysts led by Kolanovic wrote Monday. "This" was the rather stark juxtaposition between the rally in risk assets and a series of adverse events, including what JPMorgan described as a "significant" global banking crisis, signs of slower growth, a generally recalcitrant Fed and, now, a surprise supply shock for crude. On Monday, Jim Bullard told Blo