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JPMorgan’s Marko Kolanovic explains bearish view on US stock dominance



marko kolanovic half-man half-godCNBC

  • JPMorgan’s global head of quantitative and derivatives
    strategy, Marko Kolanovic, notes that US equities are
    dominating their European and Asian counterparts to an
    “unprecedented” degree.
  • Kolanovic lays out two paths forward for the US market,
    neither of which bodes particularly well for it — at least
    relative to the international peers it’s so thoroughly

US stocks are dominating their peers in Europe and Asia to an
“unprecedented” degree, JPMorgan says. But the firm warns
that’s an unsustainable situation.

To best understand just how rare the ongoing divergence is,
consider that momentum for US and European stock prices have gone
in different directions just twice in the past 20 years.
As it stands right now — and as the chart below reflects — when
Europe is combined with Asia, the momentum split is the widest
it’s ever been.

Screen Shot 2018 08 22 at 8.35.58 AMJPMorgan QDS


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