Stocks overpriced, says BlackRock analyst

Stocks have gone up "non-stop up for the last bunch of weeks as if all problems got solved, but they are not all solved,” BlackRock chief stock investor Bob Doll tells Bloomberg News here. He predicts bank shares will fall, as investors realize most of them have to raise a lot more money to cover bad loans; and that will drive the S&P 500 down more than 10%.

But he's also predicting the S&P up at 1,000 by year's end. Which reminds us of the old joke that "any weather forecast of "partly cloudy, followed by partly sunny, has got to be partly right."