Following one of the best rebounds since the 50s (from a 14% drop to down just 1.5% month-to-date as of Friday's close), JPMorgan's trading desk has done a U-turn, and shifted their market view back to Tactically Bullish, less than two months after turning Tactically Bearish (they made big waves back on March 4 after the desk had been bullish for much of the previous two years).

However, they are quick to explain that this differs from their past bullish calls as this one is technical in nature and not fundamental.