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News Link • Economy - Economics USA

Mish: Say No to Stocks, Because Optimism Is "Insane"

"The optimism out there is rather insane," he says. There’s only a 15-20% chance of the market rallying, Mish tells guest host and Business Insider deputy editor Joseph Weisenthal. "It's more likely we go down there and test the March lows, and there's a decent chance actually that we break those lows," he says. Mish says "it is nuts to be net long" stocks right now in the face of all these headwinds: -- Slowdown in Europe as austerity measures take hold. -- Slowdown in U.S. as stimulus fades, housing remains weak, state and local governments cutback -- China looks to cool its economy in the face of growing housing bubble Until Mish sees signs of sustainable job growth, he'll be firm in his bearish stance. "Without a driver for jobs I don't know how someone could be bullish on the stock market."

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