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 and Freddie Mac .)
CNBC's Companies in the News:
- General Electric (Story: Financial M&A)*
- BHP Billiton (Story: Profit up 30%)
- UnionBanCal (Story: Buyout deal near)
*GE is the parent company of CNBC.