No rally without rates coming down

• 

  Screen Shot 2022-10-17 at 5.06.45 AM

Morgan Stanley’s Mike Wilson: rally underway…

• 

  Screen Shot 2022-10-17 at 5.04.29 AM

• 

  Screen Shot 2022-10-17 at 5.04.41 AM

Today’s was just the 5th time in SPY’s history (since ’93) that it closed higher by at least 2% after opening down at least 2%.

SPY fell the next day 3 of 4 times, but it was up over the next week and month all 4 times.

• 

  Screen Shot 2022-10-13 at 5.00.33 PM

Only 1 worse reading for the McClellan Summation Index since 2008, and that was at the Covid lows $NYSI

I don’t know folks, but if you don’t think this is deep value…

• 

  A072419E-DD6D-45B5-9FDC-A9F764C81153

J.P. Morgan’s Kolanovic

• 

  Screen Shot 2022-10-11 at 6.00.38 AM

Wells Fargo’s Scott Wren:

“We see flat to modestly positive earnings growth this year ($215) and a modest contraction in 2023 ($205). Year-end 2022 SPX midpoint target of 3,900 and year-end 2023 midpoint target of 4,400.

• 

  Screen Shot 2022-10-05 at 6.17.22 PM

P Morgan’s Kaplan & Kolanovic

1⃣ CB policy error risk
2⃣ Asian markets provide global cycle tailwind 2023
3⃣ Equities still the best asset class during elevated
inflation periods
4⃣ Low positioning provides less volatility and
floor for market

• 

  Screen Shot 2022-10-04 at…

[Read more]

J.P. Morgan’s Mislav

• 

  Screen Shot 2022-09-27 at 9.23.19 PM

• 

  Screen Shot 2022-09-27 at 9.28.10 PM

J.P. Morgan’s Marko Kolanovic:

🔹Fed tilt becoming increasingly likely
🔹Hawkishness creating oversold conditions
🔹Real-time inflation falling faster than CPI recognize
🔹Fade any move SPX in 3,500s as conditions ripen
oversold bounce/squeeze

• 

  Screen Shot 2022-09-26 at 4.52.07…

[Read more]

Morgan Stanley’s Mike Wilson

• 

  Screen Shot 2022-09-19 at 5.12.13 PM

Morgan Stanley downwardly revises S&P 500 earnings and price targets

• 

  Screen Shot 2022-09-06 at 5.35.25 AM

• 

  Screen Shot 2022-09-06 at 5.35.53 AM

From the Dome!

• 

  Screen Shot 2022-09-03 at 6.53.08 PM