Time to get scared - even Dr. Doom is turning bullish

That would be Nouriel Roubini, the sourpuss economist who sounded early warning signs about the extent of the recession and has managed to find something negative to say about the recovery. Until now. Yes, the skies are clearing in Roubini-ville. From CNBC:

"We think the rally has legs," explains Gina Sanchez, Roubini's director of equity and allocation strategy. She tells us that Roubini's firm currently recommends being overweight equities, playing cyclical areas of the market such as technology. "Also we'd take some tilts into staples and telecom to collect yield. And we'd also be overweight ag and livestock. Generally we'd take advantage of the risk rally." She topped off the forecast by adding that investors have months to make money. And that's when this song came to a screeching halt - months.

Enjoy it while you can - he's only bullish until mid-year.

Roubini does not believe global markets are past the point of crisis - not by a long shot. "Liquidity doesn't solve solvency problems - we can either write them off - inflate them or default - those are the only choices," she says. In addition, Roubini remains concerned by payrolls. "We're seeing a lot of positive (headline) numbers in employment but payrolls aren't going anywhere," Sanchez says. "And in the second half Sanchez expects earnings will start to disappoint.