One of Wall Street’s most bearish strategists isn’t giving in to the bullish about-turn in equities, saying investors may be in for “a rude awakening.”

The S&P 500 may have entered a technical bull market last week, but Bank of America Corp.’s Michael Hartnett says it’s not the start of a new major rally in equities.

Some of the world's biggest investors predict that stocks will see low double-digit gains next year, which would bring relief after global equities suffered their worst loss since 2008.

The recent rise in interest rates triggered a bout of volatility, but it’s not making the pros in the stock market run for the hills just yet.

Companies with a higher presence of female executives have historically rewarded their equity investors with better performance, the firm says.

Some speculate they’re just starting the worst slump in years, spelling trouble for anyone late to the private-asset party.

With the S&P 500 up more than 25% from its March low, pension funds and other investors are asking if they should buy portfolio insurance via protective puts and, if so, whether it’s cost effective.