"And I sort of look at the stock market right now as that clown of the circus blowing up the balloon."
That earnings multiple is based on future earnings prospects, the economy, and interest rates.
When the Federal Reserve cuts interest rates and the yield curve steepens, he said big banks should bring opportunities.
"There will be areas to dip your toes in, but not for the overall market," Rosenberg said.
He's bullish on long-term bonds and gold as the Fed cuts interest rates.
Persons:
—, David Rosenberg, Rosenberg, he'll, they've, It's, " Rosenberg, he's, He's
Organizations:
Service, Rosenberg Research, Business, Equity, Federal Reserve, Nikkei
Locations:
Japan