Hartnett: Max 100-150 S&P Points Upside Vs 300 Points Downside By Labor Day

One week ago exactly, the S&P hit a fresh 52-week-high, trading at 4,450 or about 250 points above where BofA's resident bearish strategist Michael Hartnett said he thought the bear market rally would fizzle. Yes, he was wrong, and he duly made fun of his predictive skills...

Me: "I’m never wrong". Wife: "You should explore that. My experience of you is you’re always wrong".

... yet after presenting several explanations why he may have been wrong, and having a hearty chuckle at his own expense, Hartnett refused to capitulate (unlike his pals at Goldman, or his own chief equity strategist Savita Subramanian), and looking at the future said that  "we have missed surge in stocks but capitulation likely complete before July 20-30th FOMC/BoJ/ECB + Q2 EPS."