JPMorgan Trading Desk Says Market Close to Buy-the-Dip Level (1)

As the selloff in global stocks intensified Monday, JPMorgan Chase & Co.’s trading desk said the rotation out of the technology sector might be “mostly done” and the market is “getting close” to a tactical opportunity to buy the dip.

The Nasdaq 100 Index fell as much as 5.45% following the 9:30 a.m. open in New York, after Japanese equities crashed the most in over a decade. Markets were extending last week’s declines, when a weak US jobs report ignited worries that the Federal Reserve isn’t moving fast enough to prevent a sharp downturn in the world’s biggest economy. ...