The stock market's powerful rally is unfounded, and the US economy is virtually guaranteed to sink into recession, David Rosenberg has warned.
"This market continues to be nothing more than a short-term momentum play," the veteran economist and Rosenberg Research president said in a morning note. "You can believe the press headlines or you can believe the leading indicators — which suggest that we do indeed have a 99.15% chance of an official NBER-defined recession," he said."And if that is the case, then it is the first time in recorded history that a fundamental bear market ended before the downturn even arrived."
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