When a few weeks ago, Wall Street's biggest and most vocal sellside bear, not to mention most accurate analyst, BofA chief investment strategist Michael Hartnett - who has been calling for S&P 3000 for months and predicting the recession would end some time in October when the S&P hit his bogey - started turning every so slightly bullish (see "At SPX 3600 Nibble, At 3300 Bite, At 3000 Gorge"), we predicted that it was only a matter of time before BofA itself turned bearish with Hartnett having cleared the way and prepared all those clients who look beyond just the "house call" (courtesy of websites such as this which have been following Hartnett's much more accurate takes for the past decade.
Sure enough, on Thursday BofA capitulated when the bank's official chief equity strategist Savita Subramanian published a note (available to professional subscribers) explaining why she was slashing her S&P year-end price target by 20% from 4,500 to a street low 3,600 (which Hartnett would say is nowhere near enough).
So is Hartnett now content and - ever the contrarian - is he about to turn decisively bullish now? Well, since his ultimate target is 3,000 (to be hit some time in the next three months), the question is mostly rhetorical. The answer is no: more pain is coming.