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JPMorgan ‘Firmly Negative’ On Stocks Amid ‘Full-Swing FOMO’
"We retain a firmly negative stance in equities."
So said JPMorgan analysts led by Marko Kolanovic in an asset allocation update.
Kolanovic turned cautious late last summer. His conviction has, if anything, only hardened over the past several months.
In the latest weekly+, I noted that the spec short in US equity futures was pared aggressively in recent weeks. Assuming it was possible to take that positioning at face value in the first place, the now smaller net short could be interpreted as
Crypto, and regional,
2 breaks
Didn’t crypto already break?? CRE and regional banks – perhaps likely…but I look towards the “unknown unknowns”. I’m eeping my shorts on, painful though they’ve been, as hedges to mostly long equities portfolios…
*keeping
Kevin, I’ve got a similar stance.
Ibsen wrote “The strongest man in the world is the one who stands alone”. Not that Kolanovic stands alone. Lots of company.
And the British poet John Donne wrote: No Man is an island….
When disinflation overshoots and the Fed overplays fighting the last war (inflation) and all of a sudden companies are forced to stop hoarding labor, then you will see a correction. Or perhaps something breaks out there, or we get a geopolitical shock, or I am completely and utterly wrong and inflation rebounds and then Fed resumes rapidly tightening. Until then the market drifts up. Well that pretty much covers all the bases. I still believe the Fed overshoots and we will see the result sometime this year.
we will know this month.. Q2 earnings season. let’s see what the companies have to say.