Anyone get that call? Remember last week? When this was said: "a housing recession like none ever imagined or experienced."
Now I'd expect Merrill Lynch to reign in their bearishness. The reason? Look for these four reasons in their report: 1) Christmas won't be a bust 2) Wall Street is getting a handle on the "value" and pricing of mortgages 3) Risks are priced into stocks, 4) We are re-appraising the risks to the economy commensurate with the more sanguine credit environment.
And the market's will have moved 10% since they got bearish. And without you if you listened.