David Rosenberg: 'The Market Has Gotten Ahead of the Economy'
David Rosenberg, chief economist and strategist at Gluskin Sheff:
"My view is that we are still in a secular bear market...My big concern is that the market has gotten ahead of the economy. The S&P is pricing in $85 dollar of operating earnings which would be a double from where we are right now, and it usually takes four to five years to double earnings off a recession low... The market has clearly overshot the fundamentals.
