BofA’s Hartnett warns market mirrors dot-com peak, urges buying bonds

Hartnett's comparison is less a forecast than a description of narrowing leadership: when gains are concentrated in a handful of AI-linked names while the majority of index constituents sit below key moving averages, the index itself becomes a poor proxy for the average stock. His 'buy humiliation' framing on bonds is a positioning call, not a market signal, and it lands at a moment when the yield he cites makes duration a live debate again. The open question is whether breadth continues to deteriorate while the headline index holds, or whether the laggards catch up.