longterm bull art hogan warns a storm of disappointing corporate guidance and missed revenue targets is ahead buckle your seatbelts the national securities chief market strategist told cnbcs trading nation on friday this will be the first time in the cycle youre actually going to hear more companies guide down than guide up theres going to be a real earnings season of haves and have nots hogan said the haves really have that pricing ability he cites snaps third quarter results as an example of upcoming trouble the social media giant reported last thursday a revenue miss and it lowered guidance citing trouble in its advertising business and global supply chain interruptions snap stock is off 27 since the announcement aggregate demand is outstripping aggregate supply said hogan if you dont have things to sell youre probably not increasing your ad budget he urges longterm investors to resist the urge to react to volatility and believes they should take a barbell approach to investing with growth on one end and cyclicals on the other any given earnings reporting season is not the time to make a broad sweeping change to your longterm investments plan he said but make sure you know what you have on your growth side and make sure youre picking companies that actually are sector leaders and are measured in a pe pricetoearnings ratio versus price to revenues he believes the pain wont trickle into yearend his sp 500 yearend target is 4700 which implies a 3 gain from fridays close weve got a long runway in front of us and i think a lot of demand that wasnt satiated this year gets dragged into 2022 hogan said