Getting your player ready...
First there was “financial meltdown,” to describe the swift collapse of global markets. Now comes the “meltup.”
David Rosenberg, strategist with Gluskin Sheff, uses the term to describe the stock market’s rally since early March, which he says may have gone too far, too fast.
He says investors seem to be assuming $75 in operating earnings per share for companies in the S&P 500, based on its current level. He doesn’t see that happening until 2012.
