JPMorgan's top stock strategist says market gains make little sense, S&P 500 to retest lows

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Top Wall Street strategist Marko Kolanovic said the recently rally in stocks makes little sense, prompting him to warn of a potential reversal.

Top Wall Street strategist Marko Kolanovic said the recently rally in stocks was merely a dead cat bounce as there has been no material improvement in fundamentals. "For a rational investor, we think this makes little sense and that most of the inflows over the past 2 weeks were driven by systematic investors, short squeeze and a decline in VIX," Kolanovic, JPMorgan's chief global markets strategist, said in a note Monday.

"We expect a reversal in risk sentiment and the market re-testing last year's low over the coming months." .SPX 1Y mountain S & P 500 The S & P 500 hit a 52-week low of 3,491.58 on Oct. 13. The equity benchmark would have to fall about 15% from here to reach that low.

 

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Agree

Lots got hammered 🔨 on calls today. Of course, they would say that.

It makes plenty of sense if you look at how many put options expired out of the money last month. And here’s some breaking news: this “top strategist” knows that.

Uh oh... someone has a lot of puts at play. lol.

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