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To: GST who wrote (129503)	8/2/2001 8:35:32 AM
From: H James Morris	Respond to of 164684

Gst, the bulls are back and the bears are going to be slaughtered. Oh yeah, the bulls are back in town. Cohen also recommended buying Goldman & Sachs.<vbg> >Merrill's upgrade of a dozen chip stocks sent the SOX index of chip shares up 5%. "Although the semiconductor industry continues to struggle with a combination of overcapacity and weak demand, we believe that the worst of the downturn is now behind us," Merrill told clients. Merrill boosted such names as Texas Instruments, up $2.13 to $36.63, and chip-manufacturing-equipment maker Applied Materials, up $2.44 to $48.30. Bullish comments from influential analyst Abby Joseph Cohen added to the buying. Cohen, Goldman Sachs' chief investment strategist, reaffirmed her lofty year-end targets for the market, saying the Dow will rise to 12,500, about a 19% increase from its current level, and the Standard & Poor's 500 will reach 1,550, up 27% from Wednesday's close of 1,215.93. "It's an excellent time to look at technology," Cohen told CNBC on Wednesday, adding that she also likes consumer cyclicals, including home builders and retailers, that tend to do better in stronger economies. She also recommended financial services firms. Cohen's comments and Merrill Lynch's upgrades helped investors take in stride two disappointing economic readings on manufacturing and construction. The National Assn. of Purchasing Management reported that activity in the nation's factories declined for the 12th consecutive month in July.