John Mauldin, President, Millennium Wave Advisors, LLC

Friday's jobs report was a nice surprise, but we need to see several more before we're out of the woods...

We're heading for a double dip recession because of tax increases in 2011

No way will the government do the smart thing and postpone those tax increases

2010 will be a mediocre year for the economy

Produced By: Kamelia Angelova & William Wei

More John Mauldin:

– Mauldin: The 2011 Tax Hikes Will Kill The Economy

– Here's Why Our Massive Debt Mountain Will Kill Us In The End

John and I talked this morning on TechTicker, too...

Upset you missed out on this year's mega stock market rally? Don't be.

John Mauldin of Millennium Wave Investments says long-term investors should ignore the temptation to get a piece of the action. In his view, there's only one metric to pay attention to: Valuations. And, for now, stocks are too rich for his blood -- "nosebleed" is the term he used.

That doesn't mean you should park your money in a CD or under a mattress. "There's lot of other things you can do while you're waiting" for valuations to come down, he says.

Among Mauldin's recommendations are fixed income and dividend yielding utility stocks. And for the more speculative at heart, he thinks buying real estate for rental income is a smart move now that housing prices have come down so dramatically.

But only time will tell if his call about stocks is the right one.

And a second on John's optimism (after the double dip):

"I'm in the double-dip recession camp," says John Mauldin of Millennium Wave Investments, who fears the Obama administration is "going to massively increase taxes…in 2011, in a weak economy. I think that's the absolutely dumbest thing we're going to do as a country." Mauldin sees many parallels between today's economy and the malaise of the 1970s. With too much debt, slow growth and high unemployment, "it won't be fun" for the next few years, he says. Nevertheless, Mauldin is actually optimistic about the future, which might shock some who've seen him in previous appearances on Tech Ticker. In his e-newsletter, Thoughts from the Frontline, Mauldin envisions explosive growth in telecom, energy and medical sciences. Much the same way the PC revolution changed the way we communicate, work and live, so too will this next wave of innovation. "It's going to be the most exciting time to ever be alive," Mauldin predicts.

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