Is David "throwing in the towel"? Or, as discussed in the excellent video in the last post, humans can be conflicted, like rats. Two parties of the "neural parliament" (brain) are at filibuster – they can’t solve the problem – so the rat gets stuck in the middle between two opposite forces. I’m multi-tasking but this analogy seems applicable. – Ilene
Pragcap: After trying to call the top in equities every other week for the last two years, David Rosenberg has finally thrown in the towel on the bearish calls. In his Wednesday research report he detailed why he believes equities have achieved a “holy grail” and should continue to move higher:
“On a very near-term basis, and despite my long-standing macro concern list, which has not gone away, it does look like the market is set to rise further. The technicals are suggesting as much, though I do await what Walter Murphy may have to say on the matter. I had said before that a breakout to new highs led by higher volume would be an important technical signpost. Well, we achieved that Holy Grail yesterday – both in level terms and with respect to the change. This is not throwing in the towel, it is an acknowledgment of what the market internals are flashing at the current time from a purely tactical and technical standpoint….
Continue here: DAVID ROSENBERG TURNS BULLISH…. | PRAGMATIC CAPITALISM.
