I2: I don't read that as saying DOW 12k by end of October but who knows. I think he means by year end. Try this on for size from July:
"Likewise, Acampora raised his Dow Jones target
"conservatively" to 12,300 by the year's end -- leaving
the door open for that index to hit as high as 13,000.
That's up from his earlier year-end target of 11,500.
Acampora held out the possibility -- admittedly "a
little aggressive" -- that the Dow could climb as high
as 12,500 to 13,000 by year's end. The Dow closed
at a new record high of 11,139.24 on Friday."
Maybe this:
NEW YORK (Dow Jones)--Improved earnings expectations and easing
concerns about interest rates helped convince Prudential's Ralph Acampora to
bump up his 1999 target on the Dow Jones Industrial Average.
The well-known technical analyst raised his conservative target on the blue-chip
indicator to 12000-12300. Acampora moved up his aggressive long-term target
to 12500-13000, saying that many individual stocks look technically attractive.
"As long as we are able to uncover a broad list of buy ideas we can raise our
Dow target(s)," Acampora said in a research note.
Acampora said last week's activity brought with it the end of a three-month
trading range for major stock-market averages.
"This is very encouraging and is now looked upon as the initial stage of a very
broad-based advance that will take the Dow above our old 1999 target of
11500," Acampora said.
Among the stocks Acampora finds attractive: American International Group Inc.
(AIG), America Online Inc. (AOL), Bristol-Myers-Squibb Co. (BMY), Dollar
General Co. (DG), Novell Inc. (NOVL), and Tellabs Inc. (TLAB).
"Be aggressive because we believe that this summer season will be a very
exciting and bullish affair," Acampora said.
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Maybe he changed his mind now to 12,000 by end of October but I can't
imagine that happening. |
