Riding the Rally No One Believes In
More upside for the most hated rally
JPM market intelligence team have played the most recent squeeze very well. Latest view: Given the recent run, with NDX already back in a bull market SPX +18% from its April lows but now failing to break through 5,900 have we met the end of the recent run-up? Not yet. We think the core elements of the bull case remain intact (macro data resilience, positive earnings, and thawing trade war) but the speed of the recovery has made this one of the most hated rallies with the incremental buying coming primarily from the Retail investors and corporations.