Marko Kolanovic, who was one of the absolute first sell-side strategists to turn bullish, is now “dialing down” his positive outlook, based on two risks:

1. paralysis and delays in reopening the US economy

2. geopolitical tensions that could cripple the recovery of global trade

“As the market staged a substantial rally (nearly ~40%) since our out-of-consensus bullish call, we are dialing down our positive outlook on equities”