Use mini rally in stocks to reduce exposure - JPMorgan

JPMorgan equity analyst Mislav Matejka on U.S. stocks: "We stick to our call that Q1 will likely end up the high point for stocks this year, and see the strong rally since October, that was driven by our views of CPI peaking, China reopening and fall in European gas prices, not getting a fundamental confirmation in H2. We believe that what was a still resilient market backdrop earlier in the year, given light positioning, activity pickup, and supportive seasonals, is expiring. While parts of the market look short term oversold, and there could be potential relief bounces, we advise to use these to sell into. It is unlikely that we will have a fundamental low reached until the Fed is well advanced with rate cuts."

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