Relentless rally chasing bears to near extinction

David Rosenberg turned bullish in the past year as his firm searches for a buyer now that assets under admin have recovered from their 2008 losses (also see: David Rosenberg turns bullish, earns $3.1m). Hugh Hendry capitulated last week and said he had caved to business model pressure (unhappy clients) and bought back into equities. Each day of higher and higher stock prices are having the usual impact in coercing mass psychology to the bullish “this time is different” belief. With investor sentiment surveys registering cycle highs of 55% bulls and only 15% bears, there are very few left today that are willing to offer a sober view. For those still open to considering thoughts other than the “Central Banks are in so stocks can only go higher”, former OMB director David Stockman offers an excellent summary of relevant facts in this clip.Here is a direct video link.