John Mauldin, the economist and strategist from Millennium Wave Investments, isn’t buying the bullish views many strategists are now offering. In an interview with Yahoo!TechTicker, Mauldin says the market has gotten “way ahead of its fundamentals”.

Mauldin says too many are trying to compare this recession to past recessions. “This recession is completely different,” he says. “It’s a deleveraging recession. …. And that’s a completely different animal.” In such a climate, he says, fundamentals are key, and they remain weak. He thinks we’ll see a serious pullback with compressed price/earnings ratios, as earnings rise faster than stock prices, though he’s not sure we’ll retest the March lows.