JPMorgan: Now's not the time to chase stocks

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Investors aiming to catch up with the strong market rally since the lows in February have missed the boat, JPMorgan strategists told clients Tuesday, urging them to underweight stocks in their portfolios.

"The turn higher in activity, needed for the next leg of the rally, is failing to get confirmed — resist the calls to chase," JPMorgan global equity strategist Mislav Matejka wrote.

Since reaching a 52-week low in February, the S&P 500 is up nearly 14 percent.

"Rather than chasing the recent rally, we believe that investors should look to fade it," Matejka said, pointing to market complacency, overbought technical levels and extended valuations as hurdles that could trip up stocks.