Don't be fooled by Monday's bounce, JPMorgan's Marko Kolanovic warned. The bank's global research co-head wrote in a note that the "correction likely has further to go," adding that the "current market narrative and patterns are increasingly resembling those of last summer, when upside inflation surprises and hawkish Fed revisions drove a correction in risk assets, but investor positioning now appears more elevated.
SPX 5D mountain S & P 500 5-day chart Still, Kolanovic — one of the most followed strategists on Wall Street — noted that a strong dollar, higher bond yields, elevated oil prices and concentration among a few high flying stocks make up a "problematic backdrop" for equities.
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