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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (39798)	6/23/2003 12:48:15 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71627

10:58AM Merrill's Bernstein cautious on earnings expectations by Julie Rannazzisi NEW YORK (CBS.MW) -- Richard Bernstein, Merrill Lynch's chief U.S. strategist, remains concerned that earnings expectations for the second half of the year are too optimistic. He notes that only four of the 10 profit indicators he follows suggest the earnings cycle will accelerate more than investors believe. Bernstein believes a "strong overweight" of higher quality assets is in order in the presence of overly optimistic expectations. "Higher quality stocks remain undervalued, have higher dividend yield, and tend to outperform during periods when earnings expectations are revised down," Bernstein told clients in a research note.