J.P. Morgan’s Mislav: “At the overall market level, while we remain positive on stocks for the year, we are in the short term advocating a pullback, lasting perhaps a few weeks, similar to the May experience, of a high-single-digit weakness. We look to step in after the poor August seasonals pass, and as positioning overhang improves. The additional catalysts into September are: ECB restarting QE, 2nd Fed cut and perhaps some ceasefire on the trade front.