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Traders Are Stockpiling the Most Cash in a Decade, JPMorgan Says

  • Cash makes up almost 40% of total holdings, JPMorgan data show
  • Panigirtzoglou sees the bottom in stock and bond markets
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Abby Joseph Cohen: Market Valuations Matter Again

In the view of JPMorgan Chase & Co. strategists, the reason why this may be the end of the bear market is that investors are holding way too much cash. 

Nikolaos Panigirtzoglou estimates that cash levels are close to 40%, the highest level in a decade. JPMorgan tracks a metric based on holdings of stocks, bonds and cash that’s outside of central banks and commercial lenders.