Video: Abby Joseph Cohen Sees Higher S&P Value

Abby Joseph Cohen, Goldman Sachs' senior investment strategist, told CNBC Monday that the fair value of the S&P 500 is at 1,400 -- nearly 200 higher than its level at the time of this writing -- based on a 6 month to 12 month view.

The index entered a bear market last week, dropping more than 20 percent from its Oct. 9, 2007 record close of 1,565.15. On Friday, the S&P 500 closed at 1,239.49.