Say the same thing over and over and over and one day you are bound to be right.
A note from JP Morgan warns that US stocks are frothy. But that's what they've been saving for a thousand points and more now.
Anyway:
- There is no safety net anymore
- market is positioned long
- Vix is at lows, potentially underpricing risks
- valuations look stretched
- economic growth is slowing
- credit spreads are extremely tight — this is as good as it gets
The analyst argues that both the stock market and the US economy are running out of time for a 'goldilocks' outcome.
Filing this way with Harry Dent, Albert Edwards, and the other perma bears.
