While he clearly did not factor in for the slight possibility that Armageddon may have started when an unknown connoisseur ate bat soup in Wuhan, confirming that a black bat was more unpredictable than a black swan…

… Bank of America’s Michael Hartnett is starting to look at the exit signs.

Having been correct in his late-2019 prediction that the market meltup will take the S&P500 to 3,333 (however not by March 3, but rather mid-January), Hartnett summarizes the current sentiment as follows: sell-side all “melt-up bullish”, buy-side all “it’s a bit toppy” and notes that as his former bullishness is fades, he “would buy puts as SPX approaches 3,500 (PE 20x).” Read More.