![]() Instead, JPMorgan recommends a defensive posture in its model portfolio, underweighting stocks and bonds and overweighting cash and commodities. "Equities risk-reward remains unattractive: restrictive monetary policy is likely to remain in place for some time, equity valuations are rich, and consumers are likely to begin to retrench given a fading liquidity buffer, high rates across a range of consumer loan products, tightening lending standards, and rising delinquencies," Kolanovic said. Rather, "a significant part of this move was technical in nature, driven by momentum strategies and short covering." The hurdles for the stock market are manifold, according to JPMorgan. Neither the economy nor the outlook for corporate earnings have suddenly improved in the past two weeks, Marko Kolanovic, co-head of global research, said in a note Monday. The biggest bank in the country thinks stocks are expensive and consumer spending is set to slow. ![]() The S & P 500 is up more than 7% in November, but JPMorgan wrote to clients this week that the rebound is just a head fake. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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