Premium"Pain Trade Is Up": Top JPM Trader Disagrees With Kolanovic, Says It's "Gametime" For Stocks
Having spent most of 2022 urging clients to "buy the dip" just as the S&P entered a brutal bear market, only to flip bearish at the Oct 2022 lows, Marko Kolanovic has become a contrarian indicator almost as predictable as Jim Cramer, publishing a weekly doom and gloom report that goalseeks any bogeyman du jour as the catalyst that "finally" crashes stocks (a few months ago its was 0DTE, then the bank crisis, now it's the debt ceiling), and inspired us to predict that stocks would keep rising all of 2023 only to peak right as Marko turns bullish.
JPMorgan’s Kolanovic Cuts Equity Allocation on Weak 2023 Outlook: BBG
— zerohedge (@zerohedge) December 12, 2022
So we will be reading "sell the rip" every month until November, when stocks hit a 2023 high and he turns bullish
It now appears (and by "now" we mean spoos hitting 4199.25, or basically 2023 highs) that none other than one of JPM's most popular desk traders has had enough of his own bearish macro strategist (who on Monday again urged what few clients he has left to sell) and when discussing yesterday’s price action on an internal call with clients, JPMorgan's Andrew Tyler, head of the bank's Market Intelligence, asked, “Is it Gametime or Game Over for stocks?” to which he replied "it feels like it could be Gametime", when considering an investment horizon that spans the balance of Q2.
