Market researcher James Bianco warns April’s big run will collapse.
His reason: Investors are too bullish.
“I understand the market has been up a lot since the March low. But what I see in the market is a retracement rally that looks very similar to the first type of rallies that you get in protracted bear markets,” the Bianco Research president told CNBC’s “Trading Nation” on Wednesday.
Bianco warned last month the coronavirus turmoil would be worse than the financial crisis. In early March, he put all his money in cash and never looked back — despite the bounce.