While there are those Wall Street "analysts" who, like obedient penguins, promptly flip-flop and align their "investment thesis" with the herd any time the market runs away from their recommended price target (as in sell low, buy high and vice versa) and - most recently - includes such names as Goldman's David Kostin and BofA's Savita Subramanian, both of whom capitulated on their bearish long-held bearish views, there are also those who refuse to change just because the irrational market goes too far in either direction. Among these, there are ideologues such as Marko Kolanovic and Mike Wilson who will fight the market for as long as it takes (even if it means keeping their clients away from the best Nasdaq start to the year in history) and only capitulate when the market finally does turn (or rather their capitulation is a sign the an inflection point has been reached), and then there are the far more nimble strategists such as Michael Hartnett, who are ready to mock and make fun of their wrong calls, and advise their clients how to ride the market's irrational waves, while keeping their eye on the ebbing tide.
Among the latter group are also BofA's derivatives strategists Benjamin Bowler, Nitin Saksena et al, who never dogmatic, look at the market from a pragmatic perspective, and whose contrarian opinions are always right in the end.
Of course, the pain is always max right before the end, and in their latest note (available to pro subs), the derivatives traders discuss how the recent upside breakout in US equities has left many investors scratching their heads in search of fundamental justification (there isn't one because as we have explained time and again, it is all in the technicals). And so, never afraid to call a spade, they write that they are now seeing "signs of an asset bubble brewing rather than a rally governed by rationality" for several reasons:
