The stock market has entered full FOMO territory this year, according to JPMorgan's Marko Kolanovic.
And investor enthusiasm is not just concentrated in tech stocks, with broad market valuations appearing stretched.
"There is complacency being built into stocks with VIX at the lows of its range," Kolanovic said.
That's not cheap, as the historical forward P/E of the index is 15.3x, meaning that current valuations represent a 10% premium.
"FOMO is in full swing, there is complacency being built into stocks with VIX at the lows of its range," Kolanovic said in a Monday note.
Persons:
JPMorgan's Marko Kolanovic, Kolanovic, it's, Marko Kolanovic
Organizations:
VIX, Service, Federal Reserve, JPMorgan
Locations:
Wall, Silicon, 17.4x, Japan