‘There Is No More Fear, Only Complacency,’ Kolanovic Says

"There is no more fear, only complacency." So said JPMorgan analysts led by Marko Kolanovic on Monday. Recent "slippage" in equities aside, it's hard to argue with that assessment, although I might quibble with the implication that discretionary investors are universally (or wholeheartedly) bullish. Note that the latest installment of BofA's Global Fund Manager survey didn't necessarily say investors were outright bullish. It said they were less bearish. As I put it over the weekend, "the inc