Marko Kolanovic thinks the reflation trade is done and bonds are going down. "We believe that bond yields and cyclicals bottomed last week and are now on an upward trajectory for the rest of the year," JPMorgan's chief global markets strategist wrote. "The risk of a broad market sell-off driven by tech-bond correlation is not high and can be mitigated," he and Bram Kaplan argued in recommending international and value stocks.