A trio of bears weighed in today. It's hard to argue with any of them.
Soros says our banking system is "basically bankrupt" and consumers have debt coming out of their ears.
Roubini thinks the market is discounting a "v-shaped" recovery and will therefore be disappointed with a "U"
Robert Prechter (Elliott Wave guru) says the bear market resumed in September. Prechter, of course, is predicting a full blown Depression.
Yet despite this we are rallying hard in stocks, as earnings season begins tomorrow.
The attempted pullback was short lived as it looks that we are heading for new yearly highs again.
Bunds remain elevated despite the equity strength.
Traders will be looking to a new direction from the ECB as the monthly rate decision will be taking place. It is unlikely that there will be any change in rates, but what traders will be keeping an eye on is whether there will be any signs of withdrawal of monetary easing.
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