Big Investors Expect 'Robust' Rebound in 2009

Here are the results of Citi's most recent survey of institutional (i.e. big-time) investors:

• Investors see a "fairly robust" rebound in 2009. Most expect the S&P 500 to close out the year above 1,000, and more than 40 percent of survey respondents expect it to top 1,100.
• Most investors surveyed think the recession will end in the second half of 2009, and roughly 20 percent expect it to conclude in 2010.
• Just over half think the market has already hit its bottom, although 'retests' of the lows are possible.
• Almost none surveyed see a rise in the S&P 500's earnings per share.
• Favorite sectors are financials and technology. Those expected to suffer include consumer staples, industrials, materials, and utilities.
• Investors' enthusiasm for growth stocks has eroded, "which is a bit strange considering that growth stocks generally do well in a period of broad corporate profits margin erosion," says Citi.

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