In the S&P500 we think fair value by year end is something on the order of 1200. And, of course, this is a market because investors are so risk averse, of very little confidence, they're not willing to look out as much into the future as much as they normally would. So, we think that when investors finally get to the point that they're willing to price-in the outlook for 2011, prices will move higher still for the S&P500.
By the way, this low confidence level and risk aversion is not seen just in the US equity market, but in developed markets around the world, including Europe.
~Abby Joseph Cohen, president and senior investment strategist of Global Markets Institute, Goldman Sachs, CNBC, October 4th, 2010