Midday Musings: The Dow Is Now Every Guru's Pal

In the midst of February's market malaise, Tobias Levkovich, U.S. equity strategist at Salomon Smith Barney, switched from a neutral stance to a "bullish posture," as reported here.

The call proved well-timed, because the Dow Jones Industrial Average was up 8.6% since Feb. 19 heading into today's session, although it was giving back a chunk of recent gains at midday. Meanwhile the S&P 500 was up 6.5%, and the Nasdaq Composite was higher by 6.2% since the call.

Today Levkovich upped the ante, raising his year-end target on the Dow to 11,400 from 10,800, although he left the S&P 500 target range unchanged at 1300 to 1350. ...