Going into the retail sales reports today, retail analysts were raising estimates for third quarter sales (remember many retailers have quarters that end in October).
- See What Stores Hit, Missed and Scored
Now strategists are joining them. This week, many strategists have also been sounding more bullish, as Laszlo Birinyi noted recently.
B of A/Merrill Lynch, for example, said: "Purchase stocks on pullbacks, this rally hardly seems overdone, S&P to rise to 1,200 in 12 months."
Goldman Sachs: "Buy US companies with BRIC [Brazil, Russia, India, China] sales, they will outperform the market as Q3 revenue tops estimates."
JP Morgan: "S&P 500 may easily top 1,100 in the next three months, rehabilitation of a lot of segments in the economy could be much faster, especially corporate profits."
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