JPM’s Trading Desk Disagrees With Kolanovic, Says It’s Time To Buy Cyclicals

Picking up on what we discussed yesterday with our observations from the latest Goldman Prime Brokerage note which found that the “Everything Else” (as in everything else but mega-tech, but mostly cyclicals) trade was starting to kick in as hedge funds quietly dumped tech stocks after riding the furious melt up in recent weeks…

… this morning JPM’s Market Intel team said that it remains tactically bullish – clearly they disagree with JPM’s chief equity “strategist” Marko Kolanovic who continues his bizarre permabearish position as a petulant, stubborn reversal after he was bullish and wrong all 2022 and has been bashing cyclicals lately (see below) – and prefers to express that view through a combination of Tech and Cyclicals.