A snippet from JP Morgan on the US equity market.
They've been eyeing the downside for a good while now, today is no different: My bad, I was thinking of Morgan Stanley ... thanks to Basil in the comments for the correction.
- liquidity remains terrible
- there is no real demand around for anything
- the pipes and plumbing for the market will only get worse once June rolls around ... few are willing to step in front of it
- Once we broke above 4,000 the debate became whether you sell 4100, 4200, 4300 or 4400. It's easy to say things feel terrible but whether it's a straight or squiggly line we still think the risk is to the downside
JPM referring to the regular (northern) summer doldrums in June.