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Wall Street's Biggest Bear: "At SPX 3600 Nibble, At 3300 Bite, At 3000 Gorge"

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by Tyler Durden
Friday, Jun 17, 2022 - 09:42 PM

There is no debate: when it comes to Wall Street strategists, BofA's Michael Hartnett - the most bearish and accurate analyst out there, more so even than Morgan Stanley's Michael Wilson (who still has to make a recession his base case, which he will in the next week) - has been absolutely spot on this past year, whether it was calling the "shock" procession - from inflation shock, to rate shock, to recession shock - or correctly calling for the upcoming QE ("A World At War" - Global Recession Next, And Then QE5") but not before the bear market troughs around 3,000 ("Today's Bear Market Ends In October With The S&P At 3,000"). Which is why unlike so many of his clueless, penguin peers who are only now turning bearish, we have told readers that when Hartnett starts turning bullish, that will be the bottom.

Well, he may not be fully bullish yet, but Hartnett is starting to turn. But before we get there, here are some of the usual big picture observations from Hartnett's latest Flow Show note (available to professional subs in the usual place) titled "Opportunity Knocks" courtesy of Joe Biden's demolition of the stock market.

We start with Hartnett's observation that while positioning remains uber-bearish, techicals are now at the one-yard line: the Nasdaq is now at the 200 week moving average...