Anyone else notice she said NOTHING here about time frame? Brings into mind the quote "Even a broken watch is right twice a day"! Under this broad call we know "someday" it will be higher - but when? She even went farther and qualified her weakened BUY call with the words "think","likely", & "potential".
These are NOT the strong positive words which before came from the mouth of the mighty "she-bull", before the phrases were more along the lines of "will be higher" or "profit assured".
If enough is lost to margin calls, could the "market event" become an "economic event"?
Abby Joseph Cohen optimistic in wake of sell-off
NEW YORK, April 14 (Reuters) - Speaking after the U.S. stocks suffered their biggest one-day point loss ever on Friday, top investment strategist Abby Joseph Cohen struck an optimistic tone and said equity prices are likely to rise from current levels.
Speaking on CNBC, the Goldman Sachs (NYSE:GS - news) analyst said the U.S. economic expansion is ``far from over' and forecast that corporate profits will still go up.
``I think what we have seen (today) is very much a market event rather than an economic event,' Cohen said. ``As we take a look at out expectations for earnings, economic growth and so on, really nothing has changed over the past two weeks.'
Cohen, who depressed stock prices recently by trimming the proportion of assets she advises clients to keep in stocks, said corporate earnings reports may provide investors with comfort.
``To the extent that the market is now lower, we think that there's a higher price appreciation likely from current levels.' Cohen said companies in the financial services, pharmaceuticals and global cyclical sectors offer good potential buys. |
