JPMorgan Traders Turn "Tactically Bullish": Why They See The S&P Breaching 7,000

Two weeks ago, JPMorgan's Market Intel desk closed their highly profitable "tactically bearish" trade (discussed here), which was enacted when the S&P was about 250 points higher, and turned Neutral on growing expectations of de-escalation.

This morning, Market Intel head Andrew Tyler writes (note available to pro subs) that "we are moving back to Tactically Bullish" on the assumption that this ceasefire should trigger a re-risking potentially similar to the post-Liberation Day pivot (as noted earlier, Goldman's head of Delta One disagrees and urges client to sell into the rally).