Brian Belski: bearish outlooks for 2016

One of the most bullish Wall Street strategists just offered one of the most bearish outlooks for 2016 we've read yet

Brian Belski.

BMO Capital Markets' Brian Belski is preparing clients for a stock market correction sometime in 2016.

"We believe the S&P 500 will likely suffer its first calendar year loss since 2008," Belski and his team wrote in their 2016 outlook note to clients on Wednesday.

He has a 2016 year-end target of 2,100 on the S&P 500, with an earnings-per-share target of $130.

On Wednesday, the index closed near 2,089.

Belski has long been one of the more bullish strategists on Wall Street. Indeed, he continues to reiterate his long-term thesis that the market is in the midst of a multiyear-long secular bull market.

But he believes the coming year could hold one of several corrective phases that typically occur during bull markets.

Stocks could correct because investors will get nervous, Belski said. He sees concerns about higher interest rates, low commodity prices, and growth slowdowns in China and Europe contributing to the uncertainty amid "the most doubted, second-guessed, and, frankly, hated stock market rally in history."

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