"Stock market always looks ahead"

I mostly agree with Schannep, the news will get worse, and I believe, the stock market will make a lower low before the end of the year.

From Marketwatch (link):

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Schannep concludes: "Yes, the news will get worse for another eight-nine months or so, unemployment may well rise by another million and the unemployment rate approach 8%, and folks will wonder why the stock market has been going up, but that's the way it works. The stock market always looks ahead. By the time nonfarm payrolls hit bottom and the unemployment rate tops out, the recession will have already ended ... Next year, about the time the recession is over, the market should be 40 or 50% higher than now. You'll remember that the first year of bull markets average a 45.7% gain."

Still, Schannep is slightly more subdued than he was at the beginning of Objectionable October, He says he is looking for "a successful retest of the lows" before he goes back to 50% invested.
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