The Bear Nears—and Might Not Exit Stocks Until the S&P Sinks to 3000 [MarketWatch]
Bank of America Corporation (BAC)
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Source: MarketWatch
At its low on Friday, the S&P 500 index was down 20% from its peak, which would have fulfilled the arbitrary definition of a bear market if it had closed there. That's hardly a shock for those whose portfolios are heavily laden with the big technology stocks of the Nasdaq Composite which is nearly 30% below its high. Such painful stats make S&P 3600—which would be 7.7% below the past week's close—the new bull case, puckishly suggest Bank of America's strategists, led by Michael Hartnett. Overwhelmingly bearish sentiment, along with the exodus from developed-world equities, speculative-grade corporate and emerging market debt, and deteriorating technical barometers, place their indicators in “unambiguous contrarian buy territory.” Yet based on history, there probably are a few more months of pain ahead for the bulls. The BofA team looked at 19 U.S. equity bear markets over the past 140 years and found an average price decline of 27.3% lasting 289 days. If past is prologue, this be
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