Photo: Flickr / TonyTsangHK
The latest from Jeff Saut, the bullish Raymond James analyst who has basically been a bull from the very beginning.The call for this week: There was another “dog barking in the night” (reference my Sherlock Holmes report of 1/30/12) when two perma bears recently turned bullish. The bears in question are David Rosenberg and Nouriel Roubini. When the ultimate “bears” finally capitulate, well you can draw your own conclusion. That said, it is normal for a market in an uptrend to experience some profit-taking around previous peaks like those in May (1370.58) and July (1356.48) of last year, especially given all of the aforementioned metrics. Accordingly, last week’s intraday high of 1354.32 was likely a short-term trading top, but don’t get bearish because all of my work suggests stocks will be higher by year-end.