Hartnett: Tactically Bearish, But Strategically Bullish As Policymakers Won't Allow Market To Crash

Early on Friday, we pointed out that perhaps the most notable message in the latest Michael Hartnett Flow Show (available to pro subscribers) is that the bank's Bull/Bear indicator has rise again, this time to 9.7 from 9.4, the highest since the meme stock bubble in early 2021 (on strong HY inflows, tighter global HY and AT1 risky bond spreads, and stronger global stock index breadth). As shown in the chart below, after hitting that 2021 max (and likewise in 2020 and 2018 before), sentiment quickly flipped and within a year went from the upper extreme to the lower one. The question, as always, is whether this time will be different.