According to Bank of America analyst Michael Hartnett, traders should be long cash and volatility and expecting a sharp pullback in the S&P 500.
A drop in ISM manufacturing PMI below 45 has coincided with a U.S. recession 11 out of 13 times since World War II. For now, the ISM remains in the upper 40’s, but its nosedive in recent quarters has troubled Hartnett.
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/www.benzinga.com/analyst-ratings/analyst-color/16/01/6131728/bank-of-america-predicts-sharp-pullback-in-s-p-500 alt=Bank Of America Predicts 'Sharp Pullback' In S&P 500>Full story available on Benzinga.com
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