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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (55502)	10/9/2002 5:21:39 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

<<... Is she still on the loose?...>> Yup...last time I checked she was...nothing like being paid millions to make bad predictions...=)

To: Dealer who wrote (55502)	10/9/2002 6:26:20 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Beyond Optimism By kendall Harmon guest columnist Realmoney.com 10/09/02 01:19 PM ET I got some email questioning my insistence that there is still too much optimism underlying this market. Reuters has just run a story on Abby Joseph Cohen’s reduction of her price targets for the S&P and the Dow going forward. Cohen said that despite "economic uncertainty" dogging the markets, corporate profits are rising and "the worst is past." She also said that stocks are "undervalued." So far, no surprises. Now please read these next two sentences three times, because I had to in order to make sure I was reading them correctly. "To be sure, many other market-watchers are thinking positive. Market strategists, on average, expect the S&P to end 2003 at around 1,180, according to a recent Reuters poll, which excludes Cohen's revised figures." Got that? The average strategist call for the S&P next year was recently 1180. From a recent price on my screen of around 783, that is a gain of over 50% from now to the end of next year! Think that is maybe a tad bit "over the top," as they say in England? Just asking. I would be interested to know if any here know the average market strategist call for 1975 coming out of the 1973-1974 bear market. I bet they expected something like flat to down.