JPMorgan's Kolanovic Says Bad Liquidity Is Behind Stock Chaos [Investor's Business Daily]
JP Morgan Chase & Co. (JPM)
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Source: Investors Business Daily
On the way down, and on the way up, a common theme unites the drama in equities over the last six months: thin liquidity. That's according to JPMorgan ( JPM ) strategists led by Marko Kolanovic, who say the market's inability to absorb trades easily conspired with other fundamental factors in fomenting wild swings. In the fourth quarter, the firm's measure of market depth based on S&P 500 e-mini futures dropped to less than one-third the average seen during other sell-offs of the past decade. To Kolanovic, it's key to understanding why stocks bounced back so fast even as many buyers sat on their wallets. While the S&P 500 has surged 20% from its December low, almost every category of investors tracked by JPMorgan, from individuals to hedge funds and computer-driven traders, have shown little inclination to chase the rally. Their equity exposure sits at the low end of a historic range. "Liquidity thus explains how the market could go down and up so much on a relatively small change in
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