Delta variant surge will crush reopening stocks, longtime market bear David Rosenberg suggests

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Delta variant surge will crush reopening stocks, longtime market bear David Rosenberg suggests
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As Delta variant cases surge, longtime bear David Rosenberg warns stocks tied to the economic recovery will get hit (via TradingNation)

"If you want to go out and be long stocks, you've done great. Go ahead and do it. Just don't come back and tell me that it had anything to do with the economic outlook," he added.

Rosenberg believes there's a disconnect between the market performance and the economy that's being exacerbated by the retail investing crowd. "The stock market has actually, frankly, become a bit of a casino in some sense," he said. "We always rely on the beloved S&P 500. But not every single index out there is following the mega caps, which by the way are now starting to roll over. TheAccording to Rosenberg, the market is operating in a universe all its own.

"The people who are on Reddit accounts and Robinhood accounts and all the speculators out there aren't buying Treasury notes," he said. "They are basically buying on speculation, and the Greater Fool Theory and all the narratives that these investors can beat the pros." To weather the risk backdrop, Rosenberg advises investors to consider adding defensive growth plays to their portfolios — particularly

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