One Of The Biggest Bulls In The World Is Saying The Market Is Too Complacent About Cyprus

Bloomberg TVJefferies economist David Zervos, one of the most notably bullish guys on the Street, is striking a decidedly different tone today.

Normally, he's always talking about the "spoos and blues" trade – long S&P 500, long eurodollars.

Naturally, with the Fed at the center of the market's focus as of late, Zervos thinks this is a good expression of the idea that "the Fed has your back if it gets bad, and the Fed will be slow to react when it all goes right."

However, Zervos is on Bloomberg TV this morning, and he says markets are underpricing the risks posed by developments out of Cyprus this weekend.

After a bit of a comeback this morning, the S&P 500 is only down 0.5 percent on the Cyprus news.

"I guess I'm a little surprised at how complacent the markets are on this," said Zervos.

Late last week, Zervos slammed the bears in a pretty forceful takedown.

He definitely changed his mind this weekend about the which way the market could go, though, as the Cyprus bailout deal unfolded.