Over a year ago we said that the incredible market meltup that sent the S&P some 1600 points higher from its October 2022 lows (when we used a Marko Kolanovic flipflop to call the market bottom to the day), will not end until Michael Wilson and Marko Kolanovic throw in the bearish towel...
Rally won't end until Wilson and Marko turn bullish
— zerohedge (@zerohedge) February 7, 2023
... and while Wilson finally did a "soft capitulation" a few weeks ago around the time he was demoted from Morgan Stanley's Global Investment Committee having been bearish since late 2022, his colleague at JPMorgan still refuses to throw in the towel and in a note published this morning, the chief US equity strategist issued his latest weekly sermon of doom and gloom, warning that "equities have moved up this year, even as bond yields rose and rate cut expectations unwound" and even as Marko never correctly predicted the move higher but merely continues to explain - week after week - what happened after the fact. Well, thanks for that.
