Perma-bear and Nomura strategist Bob Janjuah expects a serious risk off phase between August and November due to the election and disappointment from the central bankers.

We expect “Mr Bernanke to disappoint markets at Jackson Hole next week, and also because we are confident that markets will soon discover that neither the ECB nor Eurozone politicians will actually be able to deliver on their promises,” Janjuah said.

He says stocks could fall 20-25% with the USD and Treasuries to be the main beneficiary.