JPMorgan Traders Flip Back To 'Tactically Bullish'

After a spectacularly-timed switch to 'Tactically Bullish' on April 8th, JPMorgan traders shifted to a more 'Cautious' stance to start last week (shifting to a Defensive stance until we see bond vol dissipate and Tech selling stabilize), pointing to the market setup pointing to an imminent pullback based on:

(i) AI / Tech selloff;

(ii) potential factor unwinds;

(iii) high bond vol;

(iv) lack of retail participation; and

(v) elevated Equity issuance.