S&P 500 bull market won't last, 99% chance of US recession: Rosenberg

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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