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J.P. Morgan: Do not look for the bottom of the market in the next few weeks
Rating:
Loading...Previous recommendation to "buy the dips" on U.S. stocks would be imprudent over the next two to three weeks given escalation of tensions with Russia & North Korea and the upcoming French elections, JPMorgan strategist Marko Kolanovic writes in note.
Here are the main reasons why the JPMorgan strategist thinks it's not good to look for the bottom of the market in the next few weeks:
- Says Trump’s unexpected shift in focus to foreign policy creates tail risks for equities as well as for the administration’s domestic agenda.
- New "red lines" raise risk of confrontation with Russia and erode support from Trump’s pre-election voters or result in lost credibility.
- North Korea situation poses risk of conflict with China along with increase of China’s influence in the region and loss of U.S. credibility.
- Many clients are increasingly concerned about French election; notes 3 of 4 most likely candidates disagree with current U.S. foreign policy.
Source: Bloomberg
Jr Trader Petar Milanov
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