David Rosenberg of Gluskin Sheff (and formerly of Merrill Lynch) is one of the sharpest market strategists around. He has been bearish on stocks for a long time and has been right. He is still bearish. From Tech Ticker:

[Rosenberg] suspects jobless claims will soon be back above 500,000 per week and notes the latest manufacturing data from the regional Federal banks has been lackluster. “I think a lot of the earnings were front-loaded in April," he says. "They disguise, I believe, a slowing in May and June.”

Rosenberg also believes analyst earnings estimates for the S&P 500 as a whole are too high. Based on his projections, the S&P 500 should be trading a at least 20% lower. “I will start to more excited about the stock market once we get the S&P 500 down closer to 900 than 1100,” he says.

The whole story and video interview with Rosenberg are here.