David Rosenberg Has Gone Bullish... Or Has He?

Tyler Durden's picture

It has been a while since the non-paid media saw much from Rosie, who recently decided to go premium. It is ironic then that one of his most controversial pieces came out while he was behind a paywall, namely that he has gone bullish. Today, he takes the time to explain his real position, and share the report that started it all.

Dear Breakfast with Dave readers:

Over the past few weeks I have received emails and phone calls from clients and the media asking whether I have changed my economic and financial market view, and capitulated on my outlook. The catalyst for these requests stems from online posts from April that suggested I’ve “gone bullish.”

At Gluskin Sheff, we make a point of never reacting to the short-term – whether in financial markets or with respect to interpretation of our research. Without responding to the merits of the particular headline or piece in question, I want to share with everyone my research published late last month that clarified my economic and financial market outlook, as well as the firm’s long-term positioning.

As always, please feel free to reach out to myself or anyone on our team if you have any thoughts or questions or would like additional information about Gluskin Sheff.

Best regards,

David Rosenberg

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firstdivision's picture

Carry convergence?

bigelkhorn's picture

That guy from FFT is very good and called the market crash back in 2008.


He reckons there is a good chance the market might bounce here. I just

watched his live video today, He is very good and I love his membership site. 


its over at http://forecastfortomorrow.com/Trading-Club

NOTW777's picture

pay me and then I'll confuse you

Soul Train's picture

yep, pure Fed grain to the sheople.

The Federal Government has killed the Union.

Proof - look how Federal supported education teaches calculus to our high schoolers - the youth who are to be our future best and brightest - rapping just like Barack and Michele on the front lawn of the White House.

Watch this http://www.youtube.com/watch?v=Umoo9yTETFs

EscapeKey's picture

It would appear the PPT has set their computers to 12,700 today.


John Law Lives's picture

Amazing how the Dow Jones rose ~150 points off its intraday lows today.  Must have been the lousy macroeconomic data.  I just love rallies on the heels of bad data.  It puts my doubts to rest and confirms my suspicions that the market is 100% rigged and the Ponzi economy we live in is FUBAR.

Waterfallsparkles's picture

Seems to me that when the data is really bad that they pump the market so they can sell.  Usually, does not correct on the data until the next day. 

Soul Train's picture

Yep, it's the NY and DC federal mafia. Here's the real story - they are using equities as their new distribution engine, just like they did with real estate in the 2000's.  Big whore Bubbles made in the USA, in the factory at the Fed and with their bankster owners.

Here's the way they teach calculus to our kids in high school (federal funding and centralized control)




EscapeKey's picture

I absolutely agree. Seriously, how fucked up is that climb? There's nothing even remotely non-obvious about the 12,700 target. They entered it on a computer, and gee look at what the cat brought home.

I get questioned on my position with regards to PMs. It's days like these my confidence builds.

Absolutely fucking disgusting.

entendance's picture

I’m not sure if ZeroHedge has interns who have been unleashed on the Bloomberg terminal to bang out charts which they can then misinterpret ignorantly, but there is positively ZERO excuse for this utter nonsense: “SLV Trading At A Record Discount to NAV.”...>


Prof Gulliver's picture

Hee hee. Those who listened to the world's worst stock picker missed the 100 percent rise, now they're going to go all in just in time for the 20 percent decline.

Smiddywesson's picture


He couldn't take the pain and had to throw in the towel.

GS is short Gold's picture

Seriously, who gives a shit what DR has to say? Because he's a permabear, TD gives him open forum to spread his worthless advice.

Arius's picture

King Dollar!

or what is it now The Bernank Dolare ???

Manthong's picture

Just have a couple more shots, straight up and don't worry about that blood test with the lousy liver numbers. 


bbq on whitehouse lawn's picture

"...it is an acknowledgment of what the market

internals are flashing at the current time from a purely tactical and technical standpoint.”

I’ve “gone bullish.”

"At Gluskin Sheff, we make a point of never reacting to the short-term – whether in financial markets or with respect to interpretation of our research."

So which is it?

buzzsaw99's picture

I've never seen anyone lose money as fast as Gluskin Sheff, except maybe AIG.

rocker's picture

Lose money. Godman shafts needed Berkshire, the FED, the Treasury, AIG and somebody to give them bank status, since they are a hedge fund.

Now that's a Big Bandaid. 

buzzsaw99's picture

I know but sheeit! That '07-'09 stretch was like Legg Mason Gawd awful.

BIGBOHICA's picture

Don't forget Robert Prechter. His wave counts are 100% accurate at going bullish/bearish at the exact wrong time. Silver 23 was the absolute top, and S&P to be at 600 after the last year's soverign debt crisis.

TexDenim's picture

How can one "never react to the short term"? The short term is all we've got today. It only becomes long term two or three months from now. What a crock. These guys make money from fees, not from trading.

MarcusAurelius's picture

Does it really matter whether he is bearish or bullish? Is he putting his money where his mouth is? Is he a market trader or market analyst? I do both but you know what I put my money where my mouth is. I called this USD ralley long before these so called experts and guess what, "it ain't over by a long shot". Now that the stops have been taken out on the dip watch as this ralley lasts a good while measured in months. Don't be suprised to see it rise to over 90.00. Does price action move in the direction of the stops? Hmmm...trade and find out.

Stephanovic's picture

Yes, I thought it was amusing they went premium before he outlined his altered thoughts.

Eireann go Brach's picture

Fuck him the fat bastard, he will probably be on CNBCs payroll soon!

long-shorty's picture

It's no coincidence all of this guy's notes are named after meals and snacks.

No More Bubbles's picture

Who cares what this clown or any other clown thinks?  They'll all end up like Joe Battapaglia soon enough.

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jimmight's picture

I love it when the big boys fight withe blogosphere as it immediatly validates and ligitmises the blog. Free advertising.
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