Why this is not the onset of a new secular bull market

We always enjoy Dave Rosenberg’s daily missives.  Found this table pretty interesting.  We’ve found Rosenberg’s views compelling and have to give him his due respect for sticking to his guns in the face of a pretty spectacular rally.

“No doubt the economic news has been better of late, though housing is now looking soft again, but there is now a whole lot of growth priced into equities, so it has become a show-me situation. Perhaps this is best described in today’s Short View on page 16 of the FT — “…the S&P is in a big rally within a bear market, and trading momentum will likely take it further. But the S&P is not at the start of a new bull market.” Our friends at Katana Capital expanded on a table comparing the onset of the secular bull market in August 1982 to the current backdrop as an illustration, and we took their efforts and extended it even further below.”



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