After Perfectly Timing The Market In 2026, JPMorgan's Trading Desk Drops Bullish Stance, Turns "Tactically Cautious"

For much of the past two years, JPMorgan's institution-focused Market Intel desk (unlike its plain vanilla sellside research desk, whose historical performance is about the same as a coin toss), has called market inflection points with uncanny accuracy. Starting the year solidly bullish, the Andrew Tyler-led team turned Tactically Cautious, and then Bearish just after the Iran war sparked a surge in commodity prices. The desk then closed its Bearish trade just a few weeks later, and turned neutral just before the March lows and then turned Bullish once again, just in time for the face-ripping market meltup from April through June, before turning Neutral right at the top. A small pullback later was enough for the Market Intel team to turn tactically Bullish again in mid-June.

Which brings us to today, when in its latest shift in stance, the JPMorgan trading team moved to "a Tactically Cautious / Neutral view" (as described in their latest morning note, available here for pro subs), which is to say that Equity market fundamentals remain strong but that near-term variables are likely to cause markets to chop sideways.