The first thought is that it’s a bearish sign: so long as there’s lots of support for the bull case, markets still have a fair ways to fall.
But I’m not so sure. I think it could just be that investors have heard so much bearishness of late that they find a bullish piece refreshing – as well as a reason not to panic.
And for all that Wesbury is something of a permabull, his piece does make some reasonably good points. Of course it’s possible that things are going to get excruciatingly bad. But it’s also worth remembering that the US economy does have a habit of surprising on the upside. I’m not as bullish as Wesbury, but I’m still glad he and his ilk are out there, fanning the spirits of optimism and providing a bid to the market.