Kolanovic Says Selloff Over With Market Past Impact From Options
- JPMorgan strategist says options’ impact on market likely over
- Quant fund positioning low too, meaning market can move higher
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The technology-led selloff that sent the Nasdaq 100 into a correction over a three-day span has likely run its course, according to JPMorgan Chase & Co.’s Marko Kolanovic.
The tech-heavy equity index rose more than 1% for the second straight day, led higher by gains in megacaps that were at the center of last week’s rout. To Kolanovic, the bank’s head of macro quantitative and derivatives research, renewed gains in the likes of Tesla Inc., Apple Inc. and Netflix Inc. signal that the options market’s grip on stocks has loosened.