JPM on the US equity markets, a client note published late Friday
- Stocks have "plenty of room" to rise further
- but there are short-term risks (elevated momentum positioning indicates 'overbought' levels)
- But go higher in the medium to longer term
The four driving forces JPM highlight are:
- a still-low overall equity positioning
- a rapid improvement in funding markets
- the liquidity and interest rate environment has undergone a structural change
- steady lockdown relaxation will drive a rapid economic recovery
On point 2:
