Rosenberg: Secular Bear Market at Halfway Point (CNBC Video)

David Rosenberg, former Merrill economist now at Gluskin Sheff was featured on CNBC. Here is the video and a summary of his thoughts.

• 40% dead cat bounce from March to May
• 6 points of multiple expansion during rally, not earnings driven
  
• Consensus: $75 operating earnings per share priced into 2010
• At best we'll see $50 this year in S&P earnings
  
• Equities are pricing in an earnings recovery we won't see until 2012
• $50 in EPS + 13-14 multiple = $675ish... (So, retest?)
• Another fiscal package won't save the day
• Had 18 Year bull market (1982-2000), we move in 18 year cycles..
• Halfway through secular bear market in equities, w/ two price peaks (wow)
• There will be huge spasms along the way, you can't be a buy and hold investor!