From Clusterstock:

Recently departed Merrill Lynch bear David Rosenberg is out with his first report from his new outfit, Gluskin Sheff.

Not surprisingly, he picks up where he left off from his last report out of Merrill. He explains further why he believes that this big, two-and-a-half month runup is a sucker's rally based on short covering in the trashiest, low-quality stocks.

The Pragmatic Capitalist offers up a big chunk of the letter:

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More on the sucker's rally:

Don't buy this bear market rally; real boost coming by July

Start shorting: Jeff Clark's trading plan for the next two months

The outstanding Andy Kessler lays out why this is a sucker's rally