"Markets Are Due For A Pullback": JPMorgan Trading Desk Turns "Tactically Cautious"

Unlike its chief economist and certain former equity strategists, JPMorgan's market intel desk has been almost as correct as Goldman's notoriously accurate S&T desk, whose head of Risk Josh Shiffrin called the bottom to the day, as zerohedge subscribers learned on April 7, when the S&P was trading just below 5,000, or one bear market lower.

"I’ve been negative, but now I’m bullish. Time to start scaling in."
- Goldman head of risk and CSO, Josh Schiffrin

— zerohedge (@zerohedge) April 7, 2025

Looking back over the past three months, it was indeed only JPMorgan's Market Intel desk that was even remotely close, and after correctly going tactically bearish on March 3, with the S&P at 6,000, the trading desk then closed out the trade and went tactically bullish just over two weeks ago (to be fair, it did leave about 700 points on the table).