Market Breadth Now Weakest Ever, Famous Bear Warns

Two of the sell-side's most recognizable names warned on market breadth Monday. In an asset allocation update reiterating a defensive tilt, JPMorgan's Marko Kolanovic called this year's equity rally "narrow" and said that notwithstanding meaningful scope for yields to move lower in light of a more challenging macro environment, the sheer scope of recent tech outperformance may be too much, too soon given what it appears to telegraph for bonds (i.e., a 10-year yield of just 1.5%). Meanwhile, Mo