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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (38450)	1/28/2000 7:15:00 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 99985

The thread should get a good laugh out of this. Looks like Abby has made one bullish call too many: updated 3:30 p.m. 28.Jan.2000 PST Stocks Overvalued? 'No Way' Reuters 7:00 a.m. 27.Jan.2000 PST DAVOS, Switzerland -- Abby Joseph Cohen, chief U.S. market strategist at investment bank Goldman Sachs and one of Wall Street's most influential stock market forecasters, said on Thursday she still saw moderate gains ahead in the U.S. equity market. "The U.S. stock market is not overvalued," Cohen said at the World Economic Forum's annual meeting in Davos. There was also no cyclical slowdown ahead any time soon for the U.S. economy, she added. Wired News' Stocks Summary "The U.S. economy still has quite a long way to go." The S&P 500 index, the most broadly based U.S. stock market index, had been undervalued through most of the 1990s but was currently fairly valued, she said. Overall, she predicted a moderate rise in U.S. stock prices in 2000. "Returns will be good, but not great," she said without being more specific. The near-record U.S. economic expansion in the 1990s was the consequence of both appropriate governmental policies and the performance of the corporate sector, said Cohen. She has been confidently repeating her bullish forecasts even when stock prices have dipped. Wall Street is currently trading close to record levels. Cohen said U.S. fiscal policies had dramatically improved and monetary policy was being conducted well. In addition, U.S. trade policy contributed to free and open markets and facilitated U.S. growth. And there was more liberalization ahead, she said. "I think the Administration will be supportive of more trade talks," she said. "Protectionism is not on most people's agenda." She dismissed criticism of the U.S. trade and current account deficits, which she said were symptoms of problems elsewhere. "I would hate to see what the world would have looked like had the U.S. not allowed its trade deficit to be so high," she said during a panel discussion. Copyright ¸ 1999-2000 Reuters Limited.