For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.
suffering its worst day of 2019 after the bond market flashed a recession warning. Treasury yields, which tanked to historic lows, further intensified the recession fears. However, the drastic moves in stocks and yields were merely driven by technical flows in an environment of poor liquidity, according to Marko Kolanovic, the bank's global head of macro quantitative and derivatives strategy.
The strategist estimated Wednesday's massive stock sell-off was resulted from $75 billion of algorithmic selling. About half of it coming from index option delta and gamma hedging, 20% from trend-following strategies, 15% from volatility targeting strategies and the remaining 15% from other products, Kolanovic said.
The stock market has been up for three sessions in a row after that brutal sell-off. The Dow jumped nearly 250 points on Monday and the S&P 500 is now 3 points away from regaining all Wednesday's losses. The strategist said stocks have more room to run this month and could gain another 2% next week.
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