Word: bullishness
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Read "Why Goldman Sachs Is Bullish, Sort...
...these days that some of the most bullish things driving stock prices are not facts but opinions. Earlier in July there was a nice market bounce, thanks to bullish comments by long bearish analyst Meredith Whitney. On Monday, July 20, it was an opinion coming from the investment-strategy team at Goldman Sachs, which reported that the firm was raising its estimates for what companies in the S&P 500 would earn this year and next...
...just the banking-stock group that benefits by offloading its weaklings. A stock sector known as "consumer discretionary," which includes everything from automakers to fast-food retailers, is enjoying a more bullish earnings outlook too, thanks - you guessed it - to the dropping of GM stock, which had been a load of lead on the sector's profitability. As a result of offloading GM, earnings for the group are expected to rise...
...other sobering note in Goldman's bullish report today is the clearly stated anxiety over next year's economy. "Although our current economic outlook is for below-trend growth through 2010, the risk of a 'double-dip' recession remains significant," the report notes. That said, Goldman Sachs raised its year-end price target for the stock market 13%, sending a strong message to institutional investors to not sit on their hands, even in the face of major uncertainties. Among the stock groups Goldman favors: energy, basic materials, financials and technology...
...Cooperman expects the months ahead to be characterized by a trading-range market, with a lot of backing and filling. But in fits and starts, he believes, it will edge higher over the next 12 months. Perhaps it's a mark of these unusual times that such a modestly bullish forecast felt bold; it's another such mark that professional investors are just as skittish about the market as the little...