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Good news -- for bears: The markets are still heading lower, according to Kirby Daley, senior strategist at the Newedge Group.
He tells CNBC that investors are being overly optimistic when it comes to equities -- because the U.S. economy isn't even close to a recovery. See the interview in video at left.
(He's not alone: A report Monday says the outlook is worse for Fannie Mae [FNM
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CNBC's Companies in the News:
- General Electric [GE
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] (Story: Financial M&A)*
- BHP Billiton [BHP
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] (Story: Profit up 30%)
- UnionBanCal [UB
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] (Story: Buyout deal near)
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Disclosures:
*GE is the parent company of CNBC.
Data is a real-time snapshot *Data is delayed at least 15 minutes