The Pain In Spain

Fitch's just downgraded Spain's credit from AA to AA+.  This is one of those "not good" things.  Dow down 110 or so.  Meanwhile, the only constant in the financial universe is people who will tell you that the best stock market ever is just around the corner.

Nonsense, says James Altucher, president of Formula Capital. The economy and market will continue to surprise, he tells Aaron in this clip. In fact, he's calling for a 'checkmark'-shaped recovery, stronger than the ‘V’ we hear so much about. "The debate is over, it’s already been a V, now the question is, does it continue? I think it does," he says.

Why is he so confident?

• -- The job market is improving. “We've seen temp workers go up for seven months in a row," the fastest pace since 2004. Average pay and hours worked are up and the U.S. added 290,000 jobs last month, the biggest jump in four years. Plus, he notes, “jobs in self-employed positions and start-up businesses have jumped by 1.9 million in the past four months."
• -- Car sales are up by 25% in April compared to a year ago. “How did Toyota have 27% year over year car sales increase?"
• -- Pending home sale are up 21% year over year.

Altucher is confident all this will translate into record profits and an all-time high on the S&P 500 by the end of next year. "I know people are going to laugh," but the proof is in the pudding, he says.

This one goes in the Future Stupidity file dated December 2012. Also, I want what he's smoking.