The Upshot: Why Abby Cohen Doesn't Follow the Nasdaq

Yep, when Cohen talks, people still listen.

Already there's been a good deal of ink and airtime devoted to the decision this morning by Goldman Sachs chief equity strategist Abby Joseph Cohen's decision to boost the stock position in her model portfolio. It had all the hallmarks of the classic Abby call, the kind of thing that cemented her reputation as the most closely watched strategist on Wall Street.

Throughout the latter half of the '90s, in times of strife, Cohen would get on her firm's squawk box and soothe the market's nerves. She was steadfast in her bullishness, and some complained that she was a stopped clock, but she was also right. And then, late last March, Cohen dropped the equity weighting in her model portfolio to 65% from 70%. Even though her outlook remained bullish, that she took money off the table said volumes. ...