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Great expectations
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January 2, 2002: 5:16 p.m. ET
CNN/Money poll anticipates a market rebound in 2002.
By Staff Writer Vicki Zunitch
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NEW YORK (CNN/Money) - Many think now is a great time to buy stocks, and quite a few are ready to put their money where their mouths are - that's the finding of the latest CNN/Money poll.
Of the more than 10,000 readers who responded to the poll in recent days, nearly 73 percent said they believe the stock market will stage a recovery in 2002. And nearly 60 percent said they plan to add to their stock holdings. (You can weigh in with your own projections by clicking here.)
A little more than 20 percent said they don't expect a recovery and 6 percent said they just don't know.
A noticeable number of readers aren't quite ready to roar back into the market, but few are fleeing. More than 31 percent plan to stand pat in 2002 with their current level of stock holdings, while only 8 percent expect to decrease their holdings.
Much of the optimism about the overall stock market carries over to the technology sector, where more than 62 percent expect to see a rebound this year.
What do the experts think? In general, Wall Street strategists are more optimistic than pessimistic, but there are few roaring bulls.
A sampling of strategists' predictions of where the S&P 500 will end 2002 revealed predictions that ranged widely. UBS Warburg's Edward Kerschner predicts a rise of 36 percent, to 1,570, while JP Morgan's Douglas Cliggott expects a fall of 17 percent, to 950.
For the most part, strategists' 2002 target prices for the S&P are clustered around the numbers 1,200 and 1,300.
"I tend to be an agnostic," said John M. Gipson, vice president of Alpha Analytics Investment Group. "There are strong arguments to be made on both sides."
Price/earnings ratios in the low- to mid-20s are still high enough for some to say that a quick near-term recovery has been priced into the market, he noted.
Nevertheless, Gipson cautions against making too much of these predictions. "I personally have all my money in equities," said Gipson, "because I'm skeptical about the ability to time the market." 
Click here to send mail to Vicki Zunitch
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