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JP Morgan is still looking for new falls for the S&P500

An excerpt from JPO Morgan on the US stock market. They’ve been watching the drop for quite a while now, today is no different:

  • liquidity remains terrible
  • there is no real demand for anything
  • the pipes and plumbing for the market will only get worse once june rolls around… few are willing to walk past
  • Once we got past 4000, the debate became whether you should sell 4100, 4200, 4300 or 4400. It’s easy to say things look terrible, but whether it’s a straight line or a wavy line, we still think the risk is down.

JPM referring to the regular summer (northern) doldrums in June.

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