JPMorgan Just Can't Stay Awake In This Market: "Nothing Is Changing The Equity Narrative"

Tyler Durden's picture

With nearly a record 40 days of the S&P not having an intraday swing of 1% or more, traders - desperate for volatility - are fuming at a market that has apparently flatlined. They are not alone: as JPM's Adam Crisafulli writes in his overnight piece, "it was once again a night of nothing", and no matter what happens, "nothing is changing the equity narrative", which for now is to barely budge on any given day.

Here is the key excerpt from JPM's (appropriately boring) overnight note:

Market update – from the perspective of the SPX it was once again a night of nothing. None of the eco data, earnings, central bank headlines, or political reports are changing the US equity narrative. The S&P futures are thus (once again) flat. The lack of major events/news is making for a very slow and quiet tape and that will prob. continue for the foreseeable future (Yellen’s testimony 2/14-15 is the next major macro catalyst).


Washington skepticism is rising although for now the doubts are more around timing (i.e. the Trump/Ryan pro-growth agenda is still anticipated but maybe not until 2018) and not magnitude/efficacy (which is the real risk – it will take serious doubts around magnitude/efficacy to materially dent stocks).

Time to hit the snooze button again.

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dmger14's picture

Doesn't calm create the storm?

BandGap's picture

The calm is actually the storing of energy used in the storm.

There are days when I wish I could make $7K a month evaluating 70s porn in my basement while drinking beer.

StackShinyStuff's picture

Don't they say never short a dull market?  Unless Gartman goes long of course...

wobblie's picture

Calm precedes a storm.

NoPension's picture

Doesn't the tempo in musical chairs pick up as it gets close? These guys need to be reminded, just follow the guy in front of you...maybe touch his anticipate his moves....drag your hand along the chair as you slide by....indicating your right to claim it....until you pass on the next one.
But most important....follow the guy in front...he knows where he is going.

NoWayJose's picture

What they are saying is that 'everything' is now way overvalued, that there are no 'dips' to buy, that there are no shorts to squeeze, and that their traders are not going to get a very good bonus just tracking the S&P.

buzzsaw99's picture

What we've got here is... failure to communicate. Some bankers you just can't reach. So you get what we had here last week, which is the way they want it... well, they get it. I don't like it any more than you men. [/Captain, Cool Hand Luke ]

TrustbutVerify's picture

Attributable to Index ETFs?

BabaLooey's picture

Casinos .............usually go dull in the mid-afternoon.

Then, they pick up as night overtakes the day. this one will.

1777's picture

Markets are going through the roof and on the street there is nothing but pocket fuzz!

Completely out of whack now...

thecondor's picture

Wake me up when we have a 20% or more corretion, I have some dry powder. 

BlueHorseShoeLovesDT's picture

General Flynn is in charge of the economy, up up up, or we are going to send troops to Wall Street!

BlueHorseShoeLovesDT's picture

Snooze button, hit the short vix button!

Dragon HAwk's picture

May you live in Interesting Times. ( All of Wallstreet ) have a nice day.

Downtoolong's picture


Good, smart investing is boring, with a focus on the long term. Banks, hedge funds, brokers, and market pundits hate that. They make all their money off disruptions, excitement, panic, and frequent reactions. Their entire business model is fundamentally in conflict with the interests of their clients.




inosent's picture

20,000 becomes support (INDU). Just a game of numbers. To make ppl forget about what happened 2007-2008 prices might need to trade up to ~21,500-22,500 at least, and this thing can go on much longer than you think.

The ppl that get rich trade the trend (buying selling on the way up, selling buying on the way down). They are used to that. It is  habit. They don't think about it, they just do it. They wait for the money. Cover. Repeat. Get richer.

Most are losers in the markets because they are trying to figure out how to buy the lows and sell the highs (major trend 'extremes'). For whales, yes, that works. When you have hundreds of millions/billions, you can build a position, and afford the draw down (which can be extreme) and the time drain (which can be extreme) and just sit around for 18-24 months for the prices to be behaving in the exact opposite fashion.

Smaller accounts will just get wiped out doing that. Plus, the real time reality is very hard to manage for most but the few with the nerves and mettle to put up with it. drip ... drip ... drip ... and it can go on for days and weeks before the position makes any real forward progress. Just look at the index charts. They tell the story.

One of THE biggest losers is Phoenix Capital. They are ALWAYS talking about the 'top', and showing up with their 'warnings', and they have just been wrong wrong wrong wrong wrong.

A far better article is to talk about the conspicuous trend, and on that assumption, how to approach it and trade with it successfully, how to place the trade, where, what sort of price point makes the most sense for a stop (risk management), time frames, and profit objectives, and so on.

Of course, that is a boring headline. But boring = profit. Titillation is just BS for mass consumption to sell ads and s- on the internet.

Let the reader take note.



zhm's picture
zhm (not verified) Feb 9, 2017 11:05 AM

ZeroHedge posts a bearish sounding article and markets are flying. How do people read a site thats benn 100% wrong as proven by new all time highs every week in the stock markets? The day ZH become bullish is the day I go short..