Calls yesterday from Abby Joseph Cohen, Goldman Sachs' notoriously bullish chief investment strategist, for investors to cut their equity exposure has not yet caused the tailspin that some economists had feared. may have backed off her stance on stock holdings yesterday, but her call for equity exposure to be cut has not been the catalyst for a tailspin in prices today that some economists had feared.

Cohen, the top ranked Wall Street strategist in Institutional Investor's survey of money managers for the past two years, backed off her usual bullish stance on equities to suggest that clients cut the percentage of their assets invested in stocks to 65% from 70% and hold more in cash.