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Economy and Market Going to Blast Off from Here, Altucher Says

Posted Oct 27, 2009 10:00am EDT by Henry Blodget in Investing, Recession
Related: ^ixic, ^gspc, ^dji

Ever since the market bottomed in March, a parade of bears have warned about all manner of coming calamities:

  • An end to the "sucker's rally"
  • A collapse of the financial system
  • A double-dip recession
  • A commercial real-estate collapse
  • A decade of "deleveraging" as consumers recover from a drunken debt binge

Ridiculous, says James Altucher, managing director at Formula Capital.

The economy is recovering nicely, says Altucher, and 2010 is going to be a huge year.  Companies that stopped making things and fired thousands of employees last winter out of fear of a second Great Depression will restock their shelves and start hiring like mad. The federal stimulus, which has barely kicked in yet, will really get cranking. Consumers will find jobs much easier to get, and the resulting optimism (and income) will prompt them to start spending again.

And the market?

It's going to the moon, says Altucher.

In fact, the biggest thing Altucher is worried about is another monster bubble, which the Fed will have to stomp out by raising interest rates too quickly. But that's a year away. In the meantime, he's confident the recovery will knock your socks off.

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