This week’s rally could be fooling investors who are looking for an end to the bear market.
That’s according to Fortune‘s Eugenia Levenson in the article Tracking the bear: How bad could it get?
In favor of the argument that the market established a low on November 20 and the recent decline is a retest of the bottom, Levenson cites Charles Schwab’s Jeff Mortimer and BlackRock’s Bob Doll and GMO’s Jeremy Grantham.
The view of the bear camp is represented by Federated Prudent Bear Fund’s Doug Noland who shorts stocks and ETFs. Noland believes that we have seen a permanent change in spending patterns that will result in a lot of companies seeing their earnings disappear.