Michael Hartnett of BofA continues his rich vein of form. My only comment is that Hartnett is far too sanguine about China. Its property market and a CNY deval should be on his “credit event vulnerabilities” list.
Heard on the Street: “Only time you’ve ever seen this level of pessimism and not made money being contrarian long was Lehman.”
The Price is Right: NYSE held crucial 200-week MA of 14k, XBT 30%, HSTECH 33%, XBI 36% from lows, all lead indicators of bear market; price reaction to NS1, EPS, Italy (so stylishly Machiavellian to collapse govt day before ECB), 50bps ECB… prices have discounted much bad news & sentiment rock-bottom (see BofA FMS & BB @ 0).
