Nomura's Bob Janjuah Sees New Lows On The Horizon

Nomura's Bob "The Bear" Janjuah is out with a note today calling for the S&P 500 to hit a low of 800 to 900 in 2012. He also argues that the recent October lows in the S&P may not be the lows of the year. Below is a portion of his note, which was taken from

. "No change. Deeply bearish with respect to global growth, and on a secular basis I am very strongly risk-off – my 2012 target for the low in the S&P500 remains 800/900, with the risk of an "undershoot? to the 700s. See my last note for details/targets. I would highlight only my view that the global policy making community, based their "actions? over the last month, are doing a wonderful job in meeting my 2012 "target?. Namely that, in 2012, the current set of developed markets (

) policymakers will be exposed as "emperors with no clothes on?, and their policy choices over the last few years will be seen as the central problem, rather than as some mystical bazooka solution which can somehow reconcile the chasm between a lack of growth and productivity on the one hand, and the enormous debt and debt servicing costs and unsustainable entitlement culture costs that we face in the DM world on the other." And for the shorter-term: "The implication therefore is that in 2011, the October equity lows MAY NOT be the lows for the year. So based on what I can see now, and with a S&P500 1310 “stop loss” as mentioned above, I am now looking for another major risk-off phase between now and year end, with a December target for the S&P500 back down in the 1100s for sure, and possibly even the low 1000s."