As long as guys like this still have jobs, the Bottom is not in...<NG>
foxnews.com
WHITE HAT, BLACK HAT
Because investors are so focused on the negative factors they are overlooking positive forces that will cause stocks to rise, said Al Goldman, A.G. Edward's chief market strategist. That's left investors with a "white hat, black hat" view of the world.
"The guys wearing white hats are (seeing) a slow but steady economic recovery, a rebound in corporate earnings that should show up clearly in the third and fourth quarters, a very accommodating Fed that will stay that way ... no inflation problem," he said.
For now, investor confidence is "somewhat lower than whale droppings at the bottom of the deep blue sea," Goldman said.
As it improves, stocks should rise from their current level of 16 or 17 times S&P 500 expected earnings to about 20, Goldman said.
Last year, Goldman had a 1,450 target for the S&P. This year, his target has dropped to 1,275.
HO HO HO HO HO! |
