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NO MATTER HOW much the market falls, most of our pundits keep insisting things will get better. PaineWebber's Ed Kerschner is almost encouraged by the volatility. He says this is the best buying opportunity he's seen since October 1998. Byron Wien, who has been bearish most of the year, says the market is ready to start clawing back up.
But a couple of our pundits are getting a bit more cautious. Although Gruntal's Joseph Battipaglia and Credit Suisse First Boston's Thomas Galvin remain bullish, both have recently trimmed their fluffy index targets. Battipaglia now expects the Nasdaq to finish the year at 4300 rather than at 5500. And Galvin cut his 12-month target for the S&P 500 to 1600 from 1710, and for the Nasdaq to 4500 from 5300. Of course, it would take quite a bull run to meet even these lowered expectations
NO MATTER HOW much the market falls, most of our pundits keep insisting things will get better. PaineWebber's Ed Kerschner is almost encouraged by the volatility. He says this is the best buying opportunity he's seen since October 1998. Byron Wien, who has been bearish most of the year, says the market is ready to start clawing back up.
But a couple of our pundits are getting a bit more cautious. Although Gruntal's Joseph Battipaglia and Credit Suisse First Boston's Thomas Galvin remain bullish, both have recently trimmed their fluffy index targets. Battipaglia now expects the Nasdaq to finish the year at 4300 rather than at 5500. And Galvin cut his 12-month target for the S&P 500 to 1600 from 1710, and for the Nasdaq to 4500 from 5300. Of course, it would take quite a bull run to meet even these lowered expectations
