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To: Hawkmoon who wrote (51567)	4/15/2000 11:26:00 PM
From: Hawkmoon	Respond to of 116764

And for those who don't understand what is really going on in these markets, a few words of comfort from the very woman who bought our E-ride tickets at "Wall(St)y World": New Abby Cohen remarks - Friday April 14, 8:24 pm Eastern Time UPDATE 1-Abby Cohen optimistic despite sell-off (Adds further comments, stock market closing prices) By Greg Cresci 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. Addressing the beaten down technology sector, which until recently fuelled spectacular stock market gains, Cohen said the outlook is bright for those companies with strong fundamentals. ``As we look forward, we are still very comfortable with the mainline technology companies, those primary companies with fabulous product development, revenues and earnings.' 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 going forward. ``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. As for the stomach-churning sell-off in Friday's market session, which left the Dow Jones industrial average (^DJI - news) down 617.78 points, or 5.66 percent, at 10,305.77, and the Nasdaq composite (^IXIC - news) off 355.49 points, or 9.67 percent, at 3,321.29, Cohen said it had little to do with traditional economic forces. ``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 our expectations for earnings, economic growth and so on, really nothing has changed over the past two weeks.' Cohen said inflation is unlikely to move dramatically higher and added that the Federal reserve will probably continue to raise rates incrementally. The Federal Reserve has raised interest rates five times since June. ``Clearly, the thing that we have concluded to this point is that there has been change in the economic backdrop of the stock market,' Cohen said. ``We think economic expansion continues throughout our forecast horizon (of) 2000-2001, and it's very hard to find a period in which economic and profit growth continues and the bull market ends.' ******** Now for those who tend to discount good old Abby, please remember she works for that firm who has alledgedly been such an Anti-Christ for the gold market (according to Bill Murphy's conspiracy theories). She helped to pop this Tech Spec momentum move we saw this spring, bailing out a lot of mmkrs and specialists who were finding themselves unable to find sufficient stock to meet demand (ie: forced to go short) and provided them the opportunity to load up on plenty of inventory to send back on a bounce. Buy the brokers, and probably the discount brokers in particular. This volatility is going to send their earnings sky high. I may have to pick up some NITE. Regards, Ron