JPM Trading Desk: 'Okay, A Pullback Is Coming, What Do We Do?"

For the past 6 months, there has been a comedic divergence within the ranks of the largest US bank, where the traditionally wrong sellside division, whose sole function it appears is to sucker in retail and institutional investors to take the other side of the bank's own positions, and led by Marko Kolanovic, has been bearish and wrong all year but only after being bullish most of 2022 and literally turning bearish when the S&P bottomed in Sept 2022 (prompting us to correctly call the inflection point)...

Kolanovic turned bearish. Bottom https://t.co/bXVFOHDoRS

— zerohedge (@zerohedge) September 30, 2022

... and then there is the bank's far more accurate trading flood, which puts its money (or at least depositors' money) where its mouth is, and unlike its co-workers in research has to be right or else is at risk of terminations, and which has (mostly) correctly been calling the "tactical" market moves in recent months (see "Pain Trade Is Up": Top JPM Trader Disagrees With Kolanovic, Says It's "Gametime" For Stocks").