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Kolanovic Sees ‘Rally Exhaustion’ While Subramanian Says Bull Market ‘Has Legs’
JPMorgan analysts led by Marko Kolanovic are undeterred in their defensive model portfolio allocation. If anything, they're more confident given what they described on Monday as "early signs of exhaustion in the rally." They cited the pullback in the Nikkei amid yen strength tied to speculation around a BoJ rate hike.
Plainly, caution's been the wrong call since late-October, even as Marko won plaudits recently for sticking with it in the face of near universal buy-in for the Goldilocks/soft la
H-Man, For whqt it is worth, the Savita Market Has Legs camp makes sense to me. I give it to Marko who has conceded that a solid market backdrop with Fed cuts will keep the mo going — maybe till summer but after that — things get fuzzy,
It will be interesting to see if the bull continues until the last (prominent) bear is felled.
ORCL was interesting tonight. Basically inline quarter, big sequential jump in RPO but inline guide, current RPO to N4Q revenue doesn’t scream “sandbagging”. But expansive talk about global government AI and stock is +13% aftermarket.