Don't pile into stocks because there'll be a 10% correction in the S&P 500 by summer, JPMorgan hall-of-famer strategist says

•  Investors should avoid US stocks for the next six months, according to JPMorgan's top strategist.
• "Things have to get worse before they can get better," Marko Kolanovic said Tuesday.
• The strategist expects the S&P 500 to fall 10% – or even more – in the first half of this year.

Investors should stay away from US stocks for the next six months, as the threat of a recession and the Federal Reserve's rate hikes are still likely to weigh on equities, according to JPMorgan's top strategist.

Marko Kolanovic said Tuesday he is now "outright negative" on the S&P 500 – and he expects the index to fall 10% or more until it's reached its bottom for the year, despite its recent rally.