{"id":403337,"date":"2010-03-08T11:26:00","date_gmt":"2010-03-08T16:26:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/perma-bear-bob-janjuah-makes-a-bullish-call-2010-3"},"modified":"2010-03-08T11:26:00","modified_gmt":"2010-03-08T16:26:00","slug":"perma-bear-bob-janjuah-makes-a-bullish-call","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/403337","title":{"rendered":"Perma-Bear Bob Janjuah Makes A Bullish Call"},"content":{"rendered":"

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In a note this morning, RBS’s Bob Janjuah acknowledged his bearish reputation to emphasize a rare bullish call (via ZeroHedge<\/a>):<\/p>\n

I know I will always be labelled a perma-bear, and I have given up on the idea that (at least some) folks will ever understand\/appreciate that occasionally I do make bullish calls (most notably early in 2009!). But for those who do follow\/read my work in more detail I want to be crystal clear: If S+P closes above 1120 for the 1st 3 days of this week, 1150 and 1220 are next. If not – if we fall and close below 1120 on 3\/4 consecutive closes this week\/early next, then the odds are high of a resumption of a downtrend which shud take S+P to sub-1000 over the next mth or so.<\/p>\n

Janjuah’s call is about gamesmanship, however, rather than real market value. He blames the unexpected gains on several delusions<\/strong>:<\/p>\n

First of all, everyone thinks they can recover through exports, which is paradoxical.<\/p>\n

Second, investors think inflation can erase all debts.<\/p>\n

Third, that government can keep “pumping\/printing\/borrowing, without consequence, and for long enough to hide the private sector deleveraging\/deflationary trends.”<\/p>\n

Fourth, that the weather explains away disappointment in the jobs report.<\/p>\n

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