http://www.zerohedge.com/news/2016-01-18/bulls-decade-low-oversold-bounce-imminent-jpm-repeats-sell-any-rips
The key message in our view stays to use any short term, few weeks, market stabilization as an opportunity to sell on a 6, 12 and perhaps even 24 month horizon. At end November we cut our long held structural OW on equities, and believe the regime has shifted to the bearish one for stocks.
The big picture is that we have entered the bear market – we think rallies should ultimately be sold. While oversold markets suggest a near term bounce is likely, we would recommend using any strength as a selling opportunity from a medium term perspective.
Our structural stance on equities has changed at end November. In a nutshell, we believe that the bull market is finished, and find the risk-reward for stocks not attractive anymore over a medium term horizon.
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