Adam posted the latest from Kalanovic. I don't know why he bothered, the bearish view never changes:
Meanwhile, the people tasked with actual risk taking at JPM are having none of him:
- While we had thought the market was setting up for a pullback based upon the price action during earnings season, narrowing breadth, reduced HF positioning, and the potential for markets to take some profits given the almost 32% gain in the $SPX since this bull run began in October 2023 (38.6% for $NDX), this has not come to fruition and the near-term market setup points to another leg higher being more probable than a pullback.
- The macro data should support this hypothesis into a seasonally strong July
What is it the kids say? Trade what you see, not what you think.
No, not like that
