'Big Low' Won't Be In Before Q1, No Huge Rally Until 'Policy Panic' Occurs - BofA's Hartnett

© Reuters. 'Big Low' Won't Be In Before Q1, No Huge Rally Until 'Policy Panic' Occurs - BofA's Hartnett

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By Senad Karaahmetovic

Michael Hartnett, Bank of Americas Chief Investment Strategist, remains a tactical bear as he expects the S&P 500 to dip well below the June low and fresh YTD lows printed earlier this week.

The strategist sees S&P 500 falling to the 3300s to force a policy panic before staging a meaningful rally.

SPX 666 (GFC low) to 3333 (QE bull high) to 2222 (COVID) to >4444 (QE supernova) to 3333 (bond bear); we nibble 3600, bite 3300, gorge 3000, Hartnett wrote in a client note.