BofA’s Hartnett Sees Big US Stock Rally Followed by Big Collapse
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The S&P 500 may have entered a technical bull market last week, but Bank of America Corp.’s Michael Hartnett says it’s not the start of a new major rally in equities.
The strategist who correctly predicted the selloff in stocks last year said in a note Friday he’s not convinced this is the start of a “brand, new shiny bull market.” The current market looks more like 2000 or 2008, with a “big rally before big collapse,” Hartnett wrote in the bank’s weekly report on investment flows in various asset classes.