Just in case you'd forgotten about her, Goldman Sachs' strategist Abby Joseph Cohen said this morning that the S&P 500 index is undervalued by about 15% and reiterated her year-end S&P target of 1575. That's pretty darn remarkable, because in order to get there, the S&P would have to rise 18.4% in about two-and-a-half months to get there.

After yesterday's carnage, the S&P 500 stood at 1329.78.

Cohen's

comments in years past seemed prudent and reassuring; she was notable for reassuring the market in the midst of the Asian meltdown in late 1998. Lately, she seems to be out there stoking the market as often as Kevin Costner releases

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three-hour box-office duds. The strategist last spoke Oct. 3 to calm investors, but like any other strategist, she isn't bigger than the market.