ANOTHER FISH

Markets open lower as, believe it or not Abbey Joseph Cohen comes out and, yowza, raises her SPX index price targets to 1,600 from 1,550 and her DJIA target to 14,000. She says she has increased confidence that 2008 will be another year of economic profit and expansion.

Strongest sectors (less worse) include gaming, trannies, internets, utilities and large cap growth. Laggards include silver stocks, metals, oil service, brokers, real estate, semis and exchanges.

Market internals are very bearish with a net 1,600 losers on both the NYSE and NAZ.

The internals on the major indexes are also ugly with about 5 losers to every winner on the OEX/SPX/NDX.

The fish reeled in this morning is FLA, a stock mentioned a few times in the past as a favorite of some value investors including the Mutual Series / Third Avenue groups. It is being acquired for about $84 by funds managed by Fortress in an all cash transaction.