BofAML Michael Hartnett:
1. Sept/Oct = “midlife crisis” phase of investment year…however sees this as “healthy rather than dangerous correction”

2. tactical view: Sept correction is part of “topping process” but don’t expect big bear move when Fed so easy, Wall St flush with cash, vaccine expectations strong

3. upside risks taking SPX back into 3300-3600 range are passage of phase IV fiscal stimulus & strong 3Q tech earnings

4. downside risk forcing Nasdaq to test 9700 Feb high is credit breakdown driven by rise in Covid-19 mortalities (thus far not happening)