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Thursday, August 6, 2009

Goldman's Cohen Says We are in Bull Market: Well then it must be true

*doesn't anybody look at technicals anymore? So show me the fundamentals for companies like CAT that have layed off >20,000 employees and gets a run up in price each week it states it is laying off more workers? Have we all gone mad?

Goldman Sachs' Cohen: New bull market has begun
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks have entered a new bull market, and the S&P 500 index could rise as much as 10 percent from current levels by the end of this year, Goldman Sachs strategist Abby Joseph Cohen said on CNBC on Thursday.

Goldman Sachs sees the benchmark Standard & Poor's 500 index in a range of 1,050-1,100 toward year-end, said Cohen, the firm's senior investment strategist and president of its Global Markets Institute. That range, she said, "is where we should be toward the end of this year.

"We do think the new bull market has begun," Cohen said. "It may prove it began in March of this year."

Stocks have recovered sharply since hitting 12-year lows in early March, with the S&P 500 index now up 47 percent since trading as low as 666.79 points in March. In early afternoon trade on Thursday, the S&P was off 0.53 percent at 997.44 points.

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