-- Remains cautiously optimistic but thinks markets have hits their high.
-- Uncertainty around Europe, China slowdown and slowdown in manufacturing will prevent market from going up further.
-- Thinks the euro zone experiment is going to fail, and EU is heading in the same direction as U.S. where the ECB will ease to extremes and still economic growth will be very timid.
-- He sees a number of downside risks in the U.S. including Obama winning the election, third-quarter 2012 earnings slowdown, and uncertainty surrounding the fiscal cliff, debt ceiling and proposed tax reforms.
-- After the market surge, he has increased his short positions.
-- Also added further to his long position in Avon Products (NYSE:AVP) which he thinks will be the acquisition target.
-- Overall he is couple percentage points short vs. long.
Here is the video: