Having lost all of its August gains in the first two and a half weeks of September, the equity market got a shot in the arm this morning from one of its most long-term bullish names,
chief strategist Abby Joseph Cohen.
The Goldman strategist today reiterated her current equity allocation and said market's concerns about oil, the euro and earnings are "overdone." She said the intermediate and long-term view on the market remains "bright."
Participants will be watching to see if Cohen's comments, which have been market-movers in the past, have a positive effect this morning.
Cohen's horizon is a long-term one, but the market's been eager to trade on her calls since her bullish comments helped steady the market in
August 1998, amid the Asian crisis. In late March, Cohen cut her equity allocation to 65%, and her action gave an already-struggling
market another push.