David Rosenberg of Gluskin Sheff + Associates was on Tech Ticker last week giving his thoughts on the market and economy. He thinks there's now a 67% chance of a double dip recession based on the ECRI Weekly Leading Index (Economic Cycle Research Institute). He still likes gold (3,000 is his conservative target), thinks the S&P should be around 900 and believes "cash is trash".
"His prediction is based on the sharp decline in the ECRI's weekly leading index, where the growth rate has fallen for 7 consecutive weeks." (Tech Ticker article with video)
Tech Ticker article/video sources:
Video 7/29: "A Modern-Day Depression": Rosenberg Sees "Tough Slogging" for the Economy
Video 7/28: David Rosenberg's Advice for Surviving a "Meat-Grinder" of a Market
Video 7/28: Rosenberg: Investors' Renewed Complacency "Could Get Shattered Pretty Quickly"
*ECRI's Growth Gauge Declines, Index Up (120.6 -> 121.1, growth -10.7%) - Pragmatic Capitalism
Rosenberg: The ECRI Leading Index As An Investment Tool - Zero Hedge