MOMO Meltdown – Is This Just the Start?
JPM on the MOMO unwind
JPM on the latest MOMO pain: "Primarily driven by degrossing activities, with crowded longs sold off while crowded shorts are covered. Key question is the resilience of the riskier segments of the market (especially crowded shorts and beta), which continue to outperform. Note MOMO tends to lead the way, followed by beta and then broader market."