David Rosenberg has really never really seen a rosy outlook for equities. Sure, he called a great deal of the turmoil that hit the world markets over the past few years, but was never able to see that there was some underlying economic recovery in the U.S.

Now he continues with his generally negativity.

• While you were sleeping: European bourses are in the red, and so are Asian equity markets; bonds are on an even keel
• Credit crunch in Europe: The NYT runs with a story on how credit growth is drying up in the Euro area just as it started to in the United States two years ago
• Walmart and the consumer: CFO Thomas Schoewe on the tapes saying “more than ever our customers are living paycheck to paycheck.”
• Investor sentiment still positive and that‘s a negative!
• Shiller P/E ratio pointing to a big correction in the U.S. equity market
• Deflation is evident in the labour market just ask any graduate
• The U.S. Federal Reserve not even thinking about raising rates until 2012
• More troubling housing data out of the U.S.: mortgage delinquencies continue to rise