BofA's Michael Hartnett pushed his Bull & Bear gauge to a sell signal and laid out the post-bubble trade he says has worked since 1929.
The S&P 500 keeps printing record highs, yet Bank of America chief investment strategist Michael Hartnett has warned investors that a pattern last seen in March 2000, before the dot-com bubble burst, is unfolding right now.
The pattern is breadth.
Something went wrong.
Just 21 stocks — about 4% of the index — are currently making new highs. At the dot-com top in March 2000, the number was 20, Hartnett revealed in his latest Flow Show note published Friday.
The comparison is striking.
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