In the clique of market bears, few have been as reliably and depressingly dour as David Rosenberg. Mr. Rosenberg has been a market Cassandra for years: He was bearish before the financial crisis of 2008 and has remained bearish ever since. As many times as the market cheerleaders jeered him, they later ate their words.
So it caused a mini-sensation within financial circles this week when Mr. Rosenberg—the former economist at Merrill Lynch & Co. who’s now at Canadian money-management firm Gluskin Sheff—wrote a morning commentary titled “Parting of the Clouds?”
David Rosenberg says his newfound optimism was crystallized by votes last week in Wisconsin and California. “I do see a light at the end of the dark tunnel,” he wrote. Is Mr. Rosenberg defecting from the dark side? Not quite yet, he says. But he maintains he now is more optimistic than he has been in more than a decade.
“I’m so excited I just can’t hide it,” Mr. Rosenberg wrote. “But for now, I’m keeping the powder dry.”http://blogs.wsj.com/marketbeat/2012/06/14/a-noted-market-bear-gets-a-little-bullish/