In light of this, his latest note today should be worrisome to many as he warns the S&P 500 will trade down around 20% to 25% from current levels in H1, down to the 1500s and for dip-buyers, it's over: "I now feel even more certain that debt-driven asset bubble implosions cannot merely be 'fixed' with even more debt and another round of central bank-driven asset bubbles."

As Janjuah said in September (excerpted):

I believe there is more weakness ahead – both fundamentally and within markets – over Q4 and perhaps into Q1 2016.

I repeat my view that the Fed does not need to hike based on fundamentals,but I would not be at all surprised to see the Fed hike in late 2015, in anattempt to convince markets that strong growth and inflation are on their way back. Any such hiking cycle by the Fed would I believe be extremely short-lived and quickly give way to renewed dovishness.