This strategist warned investors not to chase momentum at the top. Now he says it’s time to be a contrarian.

Michael Darda, chief economist and market strategist at MKM Partners, was no fan of the stock market when it was registering record highs. “Blinded by liquidity and false expectations of the proverbial Fed put, we fear that some investors are chasing momentum into the graveyard,” he warned in early December, when the Nasdaq Composite COMP was some 28% higher.

So it’s worth noting that Darda is far more optimistic now. He points out market-based indicators of inflation risk have rolled over hard. Industrial metals are down…