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Market Plunge Comes At Worst Possible Time For Investors, JPMorgan Warns

• https://www.zerohedge.com, By Tyler Durden

For much of 2019, when stock buybacks drove the bulk of market levitation, the recurring bullish refrain was that investors not only did not participate in the market upside, but had in fact redeemed the most money from equity funds since 2008...

... with some, such as JPMorgan's Marko Kolanovic claiming that as a result of this delayed response, it was only a matter of time before the "bulls on the sidelines" capitulated, and rushed to buy stocks, and as a result, Kolanovic told CNBC one month ago that "the S&P could soar to 3,000 as soon as May."

In retrospect, Kolanovic appears to have been overly optimistic once again, and just like last time when he predicted a ramp to 3,000 at the end of 2018, the smackdown to Kolanovic's excessive bullishness comes from none other than his own derivatives strategy colleague at JPMorgan, Nikolaos Panigirtzoglou, who in his latest Flows and Liquidity report, dismantled the core pillar of Marko's bullish thesis, finding that "neither institutional nor retail investors are currently underinvested in equities. In fact, we find that the opposite appears to be true."

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