And we can’t find anyone more optimistic on US stocks than James Altucher, author of “I Was Blind but Now I See.”
Suffice it to say his thesis is a little over the top, but in the event he's onto something, a massive rally could be right around the corner.
Altucher has talked with us before and in every discussion he cites a string of positive catalysts in the market.
(Click here for "Dow to Hit 20,000 By End of 2012?")
In this latest conversation he tells us the better than expected earnings season and strong black Friday sales were additional signs that the US economy was robust. “By some measures Black Friday sales were 20% higher than they were the year before,” he says.
Altucher also says that while investors argue about the state of the economy “consumers are communicating with their wallets.” People want to spend.
The only reason they don't is because of an X-Factor hovering over the market -- Europe’s financial crisis.
The fear of a terrible crisis sending the world into a tailspin paralyzes Main Street and Wall Street alike.
But Altucher says that shouldn’t be happening.
”Even if every country in Europe defaulted on their debt, which is science fiction, but even if that happened the US would still show positive GDP growth,” Altucher says. “Exports to Europe are only 1.7% of GDP.”
And it's not just Altucher that's thinks the market is over reacting.
Analyst Dick Bove made a parallel argument, earlier in the week. He told us investors had gotten it all wrong by selling US banks when the overseas crisis was actually a boon for US financials.
(Click here for Dick Bove: European Crisis is a Bonanza for American Banks)
In fact the conclusion that both Bove and Altucher make is that it's investor psychology that's holding back the bulls - nothing more.
Here's another way of saying it.
Fear of the unknown and getting swept into the contagion is trumping all sorts of positive catalysts. Altucher believes at some point that cloud lifts, and when it does the S&P will be off to the races.
There's the bullish argument for ya!
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Trader disclosure: On November 29, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova owns (VRTS), (AXP), (LULU), (DECK), (SBUX), (CAT), (CSCO), (HES), (SU), (EMC), (IBM); Tim Seymour owns (AAPL), (BAC), (INTC); Karen Finerman owns (AAPL), (BAC), (JPM), (YHOO), (IBM); Guy Adami owns (C), (GS), (INTC)
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