We have previously said that the bear market won't bottom until all the permabulls - such as JPMorgan's Marko Kolanovic who has told the bank's clients to buy stocks starting the first week of the year and then continuing each and every week into this bear market - have thrown in the towel and turned bearish.
Every time JPM says BTFD (which is every other day), stocks puke.— zerohedge (@zerohedge) June 9, 2022
Someone just pay mARKKo to turn bearish
Well, we have some good news for the bulls: we are almost at the point where JPM is about to capitulate because on Friday, after refusing to admit for months what has been painfully obvious to all, JPMorgan's chief US economist, Michael Feroli, cut his US economic growth forecast "perilously close" to recession. That this happens on the day the US unofficially entered a recession when the Atlanta Fed slashed its Q2 GDP estimate to -2.1%..