Steven Leuthold, the longtime bear who has turned bullish in recent months, tells Bloomberg news that he doesn’t think the current pullback will run more than 5% or 6%, and says he still sees the S&P 500 getting to 1,100 by the end of the year. Leuthold says there are definite signs the economy is improving, and discusses some of the areas of the market he’s currently bullish on.

Leuthold also offers his take on the hedge fund industry’s future, and why so many hedge funds have been shutting down.

[youtube=http://www.youtube.com/watch?v=HmSfPE403ts&hl=en&fs=1]