**NEWS FLASH** Garzarelli turns bullish--Time to sell???
NEW YORK, Jan 23 (Reuter) - Investment strategist Elaine Garzarelli has turned bullish on U.S. stocks, a reversal of her July call for a correction, according to market sources.
Garzarelli expects U.S. stocks to gain 10-15 percent in the next 12 months.
Garzarelli's comments were mentioned on her telephone hotline on Thursday, the sources said. Garzarelli could not be reached for comment.
Garzarelli was bullish on five sectors: diversified healthcare, life insurance, restaurants, food retailers, and telecommunications, the sources said.
She mentioned five stocks: Nynex Corp , Torchmark Corp , American Home Products Corp , McDonalds Corp ( McDonald's Corp ), and American Stores Co .
NYNEX rose 1-1/8 to 51-3/4, Torckmark was up 1/8 to 52-7/8, American Home gained 1/4 to 63-3/8, McDonalds added 1-3/4 to 47, and American Stores jumped 2-1/8 to
44-3/8.
Garzarelli said, "It is time to buy stocks again," citing money supply and liquidity measures, no concern over interest rate hikes, and strong corporate earnings.
Since July 23, when Garzarelli turned bearish and called for a 15-20 percent correction, the Dow industrials index has risen 28 percent.
-- Jeff Benkoe, Wall Street Desk, 212-859-1735
**Comment**
When bears turn bullish, it makes my stomach queasy. Is a top near? |
