Monday, 13 April 2009

Get Well Soon messages from pension fund managers

I have been watching Abby Cohen's cheerful pronouncements on US equities for more years than I care to remember and she is sounding more perky again as overall market sentiment is improving.

Her target of 1000 on the S&P 500 is still a long way off but given the massive injections of anti-depressants and the flood of "Get well soon" messages, coming in from pension fund managers and insurance companies sitting on 30-40% losses from last fall, this rally/bubble could have a way to go yet and may hit her target sooner rather than later.

I am still persuaded though that the faster the ascent the more scary the subsequent decline.

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