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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: sun-tzu who wrote (129321)	10/15/2001 11:10:45 AM
From: patron_anejo_por_favor	Read Replies (1) of 436258

Cliggott at JPM remains one of the few market strategists who "gets it"... cbs.marketwatch.com; 10:11am 10/15/01 Take advantage of the gains: J.P. Morgan ($SPX) By Tomi Kilgore Doug Cliggot, U.S. market strategist at J.P. Morgan, suggested investors take advantage of the recent run up in the major stock indexes and reduce exposure to equities. He said the primary trend in stocks is still down, and his fair value estimate of the S&P 500 Index ($SPX) is 800, 26 percent below current levels (presently down 11.20 at 1,080.45). "The fundamental cause of the decline in stock prices, we think, is the relentless flow of negative earnings news," Cliggot said in a note to clients. "We think the earnings news in November and December will be bad, and probably also again in February and March."

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