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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (12828)	3/7/2001 9:21:50 AM
From: Kirk ©	Respond to of 42834

SmartMoney.com - Market Analysis biz.yahoo.com Upbeat Goldman Call Juices Futures By Steve Sakson THE POWER of the pundit was being felt again on Wall Street this morning. Goldman Sachs' eternally-optimistic market strategist Abby Joseph Cohen kick-started the futures market with a big, new (what else?) bullish call. Nasdaq futures soared more than 30 points and those tied to the S&P 500 were up more than eight. Cohen's call comes even as the rate of profit warnings in the tech sector accelerates with the closing of the first quarter. However, for the past two days, market players have been willing to ignore bad news and buy stocks, simply because they are so cheap after months of decline, and the temptation to bet they've bottomed is just too strong. Cohen wrote to clients this morning that many of the ``imbalances'' in the economy and market of the past months are gone. For instance, stocks have fallen (really?) to the point where many are no longer overvalued. And, economic growth has slowed to noninflationary levels. She recommended that investors put 70% of their money in stocks, up from 65%, and she said they should take the money from their cash accounts, reducing the level of cash from 5% to zero. And she reiterated her year-end predictions, saying the S&P 500 will rise 31% from where we are to 1650. The Dow will pop 23% to 13,000, she said. ``The nation benefits from the world's most productive work force, best-managed companies...and controlled inflation,'' she wrote. Goldman doesn't expect a recession and is ``increasingly confident that a too-gloomy consensus scenario is priced into share prices.'' Meanwhile, more profit warnings — including some repeat performances — continued to scroll across the news wires.