Bernstein still sees more pain ahead for stocks, until capitulation triggers bonafide rally next year

How bad is the mood out there right now? Try max bearish.

So said Bank of America’s latest fund manager survey on Tuesday that showed expectations for profits and growth at recessionary levels. Yet Wall Street rallied and more gains are ahead for Wednesday, partly on earnings optimism but also as some see all this gloom as a contrarian buying signal.

After…

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