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Famous Bear David Rosenberg Turns Bullish on Stocks

Thursday, 28 Apr 2011 09:15 AM

A notorious equities bear now says he's bullish. David Rosenberg, senior strategist and economist at Gluskin Sheff in Toronto, is telling clients that the stock market isn't headed for a crash.

The market has been rallying since March 2009, yet Rosenberg has been wary of the trend, defending bonds against "inflationistas" and warning that deflation remains the far greater danger, CNBC reports.

Skies seem bluer. "This is not about throwing in the towel," Rosenberg writes in a letter to clients.

"It is an acknowledgment of what the market internals are flashing at the current time from a purely tactical and technical standpoint."

nyse200getty2.jpg
NYSE traders (Getty photo)
It's still amazing how investors can blow off downward GDP revisions, skyrocketing commodity prices, the Japan earthquake and European debt default risks.

But trading volume is rising and is channeling into certain sectors like Nasdaq technology stocks, which suggests the rally has a way to go.

"My overall macro concerns have not gone away, but these market facts on the ground are tough to ignore," Rosenberg says.

The Standard & Poor’s 500 stock index has recently reached its highest level since June 2008, closing at 1,347.24.

While now at pre-crisis levels, it's still 16 percent below the record high of 1,565 it reached in October 2007, the New York Times reports.

"What we're seeing now is a positive reinforcement of the fact that demand is rising around the world," says Quincy Krosby, chief market strategist at Prudential Financial, according to the Times.

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A notorious equities bear now says he's bullish. David Rosenberg, senior strategist and economist at Gluskin Sheff in Toronto, is telling clients that the stock market isn't headed for a crash. The market has been rallying since March 2009, yet Rosenberg has been wary of...
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2011-15-28
Thursday, 28 Apr 2011 09:15 AM
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