Investors should utilize last week's rally to cut back their equity exposure and take some profits ahead of a looming recession, a top stock strategist at JPMorgan says. "Our optimism is tempered by the still elevated recession risks, and risk that the October CPI data proves anomalous and/or fails to reduce central bankers' eagerness to push policy into more restrictive territory," wrote Marko Kolanovic in a note to clients Monday.
However, despite the strong comeback, recession risks persist and appear "difficult to avoid" as the fed funds rate hovers close to 5%, Kolanovic wrote. The strategist, who was promoted to chief global markets strategist in 2021, has accrued a sizeable following in recent years for properly calling the March 2020 bottom and the ensuing market comeback . However, he's maintained a too-bullish strategy heading into this year.
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