JPMorgan's market guru tells clients to buy even more stocks after giving bullish outlook this week

A view of the charging Bull with a woman in New York City USA during coronavirus pandemic on April 25, 2020.
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JPMorgan's market guru Marko Kolanovic, who nailed the historic comeback, is doubling down on his bullish forecast on the market, advising clients on Friday to increase their exposure to stocks.

Days earlier the bank's global head of macro quantitative and derivatives strategy laid out his bullish thesis on how stocks could reclaim new highs as hedge funds and other major players jump back into the market.

On Friday, the widely followed strategist put his money where his mouth is by dialing up equity exposure in the firm's model portfolio to 6% overweight from 4%.

"We retain a pro-risk allocation in our model portfolio, given the cheap relative valuation of equities, policy support, light investor positioning, and strong rebound in growth which is unlikely to be stymied by new COVID-19-related lockdowns," Kolanovic said.

He listed more reasons to support his view that the market rally will continue and the S&P 500 could top its February record high.