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IPFS News Link • Wall Street

"Mood No Longer Apocalyptic": Wall Street's Most Accurate Strategist Says Start Shorti

• Zero Hedge

One month ago, with market pessimism at "dire" all-time highs, the mood on Wall Street was so apocalyptic, and sentiment so capitualitory that when looking at the monthly (July) Fund Manager Survey, even BofA's uber-bearish Chief Investment Strategist, Michael Hartnett turned bullish correctly timing the face-ripping, short-squeezed, stock-buybacked, retail-invested, CTA-chased meltup. This is how we summarized Hartnett's findings,

"the strategist writes that 'H2'22 fundamentals poor but sentiment says stocks/credit rally in coming weeks" and adds that the "contrarian Q3 trade is risk-on if no Lehman, CPI down, Fed pause by Xmas...short cash-long stocks, short US$-long Eurozone, short defensives-long stocks banks & consumer."

Once again, Hartnett - who over the past year emerged as Wall Street's most accurate analyst- was spot on, and more importantly, unlike his JPM peers who tell clients to buy every single week oblivious to being called out for total hacks, Hartnett actually timed the pivot just right.