Rosenberg Says It's Very Difficult To Make Bearish Case For 2015

Top economist David Rosenberg — long a bear — is continuing along the bullish path he started on last year.

Rosenberg tells CNBC that he thinks the US economy will surprise to the upside in 2015, and given where the equity risk premium and dividend yields are, he says it’s very difficult to make a bearish case for the coming year.

Rosenberg also says that oil prices stabilizing between $40 and $50 would be very good news for the market and economy. “It’s not just the fact that you’re still going to have the lagged impact of having lower fuel costs being a positive for margins of the non-resource producers and for the household sector,” Rosenberg tells CNBC. “But I think for the broad market, if we were to find a bottom and then stabilize within a range … at least it would inject some certainty into the general market place.”

He said that’s what happened on the mid-1980s. “We had a similar decline in oil in ’85 and ’86, and then we went through 20 years of a relatively stable range,” he said. “That would be nirvana.”