Hartnett: Start Fading This Rally... And Here Are 12 Angry Trades For 2024

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by Tyler Durden
Saturday, Nov 18, 2023 - 10:45 PM

After a first half that was rather forgettable, BofA's Michael Hartnett has fully redeemed himself in the second half with two key events: i) correctly calling the "last Fed hike" of July 26 as the market peak and ii) by being the first on Wall Street to predict, correctly, the "tactical" face-ripping countertrend rally in late October, just when everyone else was throwing in the towel, and when his peers were doubling down on their bearish calls (Mike Wilson for example said to forget about the year-end rally just in time for the fastest 3-weeks surge in stocks since the days when the Fed was buying ETFs in 2020).

Of course, everyone knows what happened next, and just two weeks after the S&P hit the lowest in five months, the index has staged a stunning rebound, surging 400 points in half a month, validating Hartnett's contrarian call yet again.