David Rosenberg, Chief Economist at Gluskin Sheff, said on BloombergTV that the stock market is betting that QE2 (quantitative easing) will reflate the economy, prevent wage deflation, lower the unemployment rate and betting on Bush tax cut extensions. Rosenberg still sees structural headwinds during this "balance sheet recession" with "chronic excess capacity". So... all clear for Thomas Lee's S&P 1,300 target by year end? Fed Asset Purchases Could Spark 10% Rally in S&P 500, JPMorgan's Lee Says (Bloomberg.com). If so, JP Morgan's Chief U.S. Equity Strategist has made unbelievable calls during the past two years. See the index of blog posts from June 2009. The David Rosenberg clip is at Bloomberg.com or after the jump. Are there any bears left?