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.
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https://www.zerohedge.com/markets/jpms-trading-desk-disagrees-kolanovic-says-its-time-buy-cyclicals
