UBS makes ridiculous market prediction
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Stocks to rise in ’09, UBS says; S&P 500 may gain 53% - Bloomberg.com
Bloomberg.com reports global stocks will withstand a "full-blown" recession and surge in 2009 as cheap valuations and efforts by governments to restore confidence in the financial system lure investors back to equities, UBS said. The Standard & Poor's 500 Index may rally 53% to 1,300 by the end of 2009, David Bianco wrote in a note dated yesterday. The New York-based strategist, who a year ago predicted a 2008 advance of 16% for the S&P 500, is now forecasting a gain that would exceed the index's best annual performance on record.
After being so wrong in 2008,they are coming out with this ridiculous prediction! why make such a forecast,has'nt abby joseph cohen taught them anything about wild predictions?