Bank of America says the 'big low' for stocks isn't here yet and the selling will continue

The recent stock market slid may look bad, but it wasn't bad enough to indicate that the damage has been completely done, according to Bank of America Merrill Lynch. "We remain bearish, as investor positioning does not yet signal 'The Big Low' in asset markets," Michael Hartnett, BofAML's chief investment strategist, said in a statement.