It’s been quite a bounce in the markets since the end of October. And we expect to see many more such bounces in the days and weeks ahead as market participants battle to find equilibrium in a tape that has definitely been thrown off balance since early October’s swoon. The thing is, our bet is that we’ll see even more impressive bounces — but from lower levels.
Our new regime thesis hasn’t changed (yet), and as such, we view any bounces as great opportunities to establish new short positions in the weakest names in the market. And one of those weak names that we’ve been stalking is JP Morgan $JPM.