JPMORGAN: HEDGE FUND CAUTION MAY SPARK YEAR-END RALLY JPMorgan says equity markets could rebound by year-end after hedge funds cut stock exposure to the lowest level in over a year in October. Analysts led by Nikolaos Panigirtzoglou note that this cautious stance leaves room for gains if sentiment improves. Retail investors remain a major market force, with trading activity that surged during the pandemic now stable but still influential in overall market flows.(*Walter Bloomberg)