Wall Street bear Peter Boockvar warns that 2019’s market rally is flawed, and a major setback will slam stocks.
His chief reasons include sluggish global growth, the earnings slowdown and a fuzzy economics picture.
“I would be fading this rally thinking that it’s more of a bear market bounce rather than this is the beginning of a bull market,” the Bleakley Advisory Group chief investment officer said Tuesday on CNBC’s “Futures Now.” “The higher the market goes [and] the lower earnings estimates go, the more expensive the market is getting.”
Boockvar was on the bear circuit in 2018, too. Last summer, the CNBC contributor told “Futures Now” the U.S. market would get swept up in a wave of corrections. By October, his forecast began unfolding.
And now, he’s telling clients that a pullback retesting the December lows is a real threat.
“If you look at the actual underlying economic