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Dr. Doom Thinks Rally Has Legs, At Least for Now
On Wall Street, behind the scenes chatter has everything to do with gains in the S&P and whether the stock market is at the beginning of a major march higher. Stocks certainly started the new year with a bang, the S&P 500 gained nearly 7 percent in about 6 weeksHT: MarketBeat
The sheer force of the rally as well as the inability of sell-offs to gain traction has forced skeptics such as Fast trader Steve Grasso to completely re-think positions.
And from what we’re hearing – Grasso is hardly alone - a major market skeptic is changing his tune.
The perennially negative Nouriel Roubini – nicknamed Dr Doom for his usually critical views – is turning bullish. You read that right, Roubini is betting on additional stock market gains.
“We’re a believer; we’re celebrating. We think the rally has legs,” explains Gina Sanchez, Roubini’s director of equity and allocation strategy. (She is also a CNBC contributor.)...MORE
Anybody see a red heifer or a pale horse?