The key to this market was when Abbey Cohen refrained from making any more bullish forecasts and it was accepted that we were in bear market by Goldman itself.
On March 17th, 2008
Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts
By Lynn Thomasson
March 17 (Bloomberg) -- Abby Joseph Cohen, the most bullish investment strategist on Wall Street this year, will stop making Standard & Poor's 500 Index forecasts for Goldman Sachs Group Inc.
She was succeeded in the role by David Kostin, Goldman's U.S. investment strategist, spokesman Ed Canaday said in a telephone interview. Kostin today predicted the S&P 500 may fall 10 percent to 1,160 before rebounding to 1,380 by year's end. Cohen, as chief investment strategist, last predicted the benchmark for American equities would end 2008 at 1,675, representing a 32 percent rally from its current level.
The 56-year-old Cohen now has the title ``senior investment strategist'' and contributor to the portfolio strategy team, according to Canaday. Her prediction for the S&P 500 this year was the highest among 14 Wall Street forecasters followed by Bloomberg.
``She will continue to meet with our clients around the world and provide commentary on financial markets focusing more on longer-term market activity,'' Canaday said in an e-mailed statement.
1 comment:
So does it mean the current bear will have a prolonged life?
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