David Rosenberg says there is no v-shaped recovery on the horizon and that this market isn’t (and hasn’t been) trading on fundamentals and is entirely technically driven. He continues to think the market is overpriced and ripe for a serious decline.

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Under pressure from the European Union and international markets to rein in the nation's €300bn debt, Greece announced last week that it would have to enforce tough deficit-cutting measures. But the coming austerity package is leading panicked wealthy Greeks to divert their savings out of the country. A staggering €8bn-€10bn may have been taken out of Greece by private investors since it became engulfed by economic turmoil in November.

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The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, feels that the ¬coming oil crisis could be even more serious than the credit crunch.

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