Adam posted the latest from Kalanovic. I don’t know why he bothered, the bearish view never changes:
US stocks keep climbing higher but J.P. Morgan’s Kolanovic is having none of it
Meanwhile, the people tasked with actual risk taking at JPM are having none of him:
While we had thought the market was setting up for a pullback based upon the price action during earnings season, narrowing breadth, reduced HF positioning, and the potential for markets to take some profits given the almost 32% gain in the $SPX since this bull run began in October 2023 (38.6% for $NDX), this has not come to fruition and the near-term market setup points to another leg higher being more probable than a pullback. The macro data should support this hypothesis into a seasonally strong July
What is it the kids say? Trade what you see, not what you think.
No, not like that
This article was written by Eamonn Sheridan at www.forexlive.com.
