月底Rebalance, JP Morgan预计$170B的资金流出股市
1. the equity rally has likely created a need for negative rebalancing flow, i.e. equity selling, of around $170bn on our estimates into the current month/quarter end.
2. This $170bn should be thought of as an upper estimate as it is possible that same of this equity selling was done before quarter end.
3. While we acknowledge the risk of a small correction in equity markets over the coming two weeks as a result of this negative equity rebalancing flow, we continue to believe that we are in a strong bull market in equities and any dip would represent a buying opportunity.
1. the equity rally has likely created a need for negative rebalancing flow, i.e. equity selling, of around $170bn on our estimates into the current month/quarter end.
2. This $170bn should be thought of as an upper estimate as it is possible that same of this equity selling was done before quarter end.
3. While we acknowledge the risk of a small correction in equity markets over the coming two weeks as a result of this negative equity rebalancing flow, we continue to believe that we are in a strong bull market in equities and any dip would represent a buying opportunity.