From CNBC this morning, also MS's parker still has 1167 year end SPX target.
"The S&P 500 is set to fall another 8 percent by the end of the year, on top of the 7 percent decline seen since the year’s high reached in September, according to a new strategy note by Goldman Sachs.
“Uncertainty swirling around the “fiscal cliff” that must be resolved by year end, the pending jump in capital gains taxes at the start of 2013, and the debt ceiling that will be reached in late February, represent clear and present downside risks to the market in the near term,” wrote the analysts, headed by Chief U.S. Equity Strategist David Kostin.
The S&P 500 [.SPX 1386.89 27.01 (+1.99%) ] closed at 1,359.88 points on Friday, down 1.54 percent on the week. U.S. markets across the board have lost almost 5 percent since the U.S. presidential election on Nov. 6.
Kostin said the fiscal cliff — a series of tax increases and spending cuts worth $600 billion due to hit the U.S. at the start of 2013 — will ultimately be avoided, but assigned only a 55 percent likelihood to the issue being resolved by the end of this year. A solution is dependent on Democrats and Republicans in Congress and the White House reaching agreement on how debt levels should be reduced."
Market is still in a correction per IBD. Little to no Institutional involvement in today's dead cat bounce and lower high.
Parker did say on CNBC this morning that he didn't think their 1167 target would be hit but the market would continue down thru year end and they have a $99 SPX Earnings estimate for 2013 versus $114 consensus. and they are still maintaining their 1167 target with seven weeks to go. also Oppenheimer says today was just a dead cat bounce as well and path of least resistance is still down.