{"id":461322,"date":"2010-03-22T15:03:00","date_gmt":"2010-03-22T19:03:00","guid":{"rendered":"e2249889-c78b-43e3-9643-b1d7d4aa587b:411182"},"modified":"2010-03-22T15:03:00","modified_gmt":"2010-03-22T19:03:00","slug":"sp-500-cyclicals-look-expensive-says-rosenberg","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/461322","title":{"rendered":"S&amp;P 500 cyclicals look expensive, says Rosenberg"},"content":{"rendered":"<p>Despite the 60% rally in equity markets over the past year, or more likely because of it, Canada&#39;s best known bear remains steadfast in his pessimism towards stocks.<\/p>\n<p>In his latest note to clients, David Rosenberg, chief economist and strategist at Gluskin Sheff &amp; Associates, says the cyclically sensitive sectors of the S&amp;P 500 are pricing in a far too robust economic recovery. <\/p>\n<p>Notably, he said U.S. homebuilder stocks are pricing in housing starts priced in a level between 800,000 and 900,000 versus 575,000 currently. At the same time they are pricing in existing home sales of 5.5 million versus 5.05 million and a NAHB housing market index at 35 compared to 15 presently. <\/p>\n<p>&quot;Arguably, this is the most expensive part of the market,&quot; he wrote. <\/p>\n<p>In addition, he said consumer stocks are pricing in retail sales growth of 7.5% year-over-year compared to the pace right now of 3.9%. Meanwhile, the S&amp;P 500 Industrials Index is pricing in an ISM figure of 61 versus 56.5.<\/p>\n<p>&quot;One really has to wonder what sort of manufacturing recovery this is when parts suppliers to the large cap industrials are going cap-in-hand for US$30-billion of TARP funds \u2013 obviously not one that can be sustained without taxpayer support.&quot;<\/p>\n<p><a href=\"mailto:dpett@nationalpost.com%20\">David Pett<\/a>  <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/network.nationalpost.com\/NP\/aggbug.aspx?PostID=411182\" width=\"1\" height=\"1\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the 60% rally in equity markets over the past year, or more likely because of it, Canada&#39;s best known bear remains steadfast in his pessimism towards stocks. In his latest note to clients, David Rosenberg, chief economist and strategist at Gluskin Sheff &amp; Associates, says the cyclically sensitive sectors of the S&amp;P 500 are [&hellip;]<\/p>\n","protected":false},"author":4060,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-461322","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/461322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4060"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=461322"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/461322\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=461322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=461322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=461322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}