Here's the DJN newstory with Acompora's call on the market today:
09/28 2:15P (DJ)=DJ Prudential's Acampora Sets New, Lower DJIA Targets
Story 4115 (H/, N/DJN, N/DJWI, N/DJS, N/HOT, N/MKT, N/NYS, N/SMC, N/STK...)
NEW YORK (Dow Jones)--Prudential Securities' Ralph Acampora has lowered technical targets for the Dow Jones Industrial Average after market averages violated critical support levels in recent trading.
Under the targets Acampora has now established for the Dow, the industrial average figures to end the year somewhere in the 10,000- to 11,300-point range, under what he described as the best-case scenario for the short term.
Under the worst-case scenario, the industrial average could fall into a range of between 8900 to 9200, according to a contact at the firm.
Acampora himself was said to be traveling, and unavailable for comment.
The renowned technical analyst - long associated with bullish market calls - figured that there is a 60% to 70% chance the Dow will slump to the worst-case scenario of 8900 to 9200 points, according to Prudential.
Prudential also said that Acampora has maintained his long-term bullish outlook for the market, but that, in plainest terms, the market has to go lower before it is going to be able to move higher.
As a technician, Acampora lost the luxury of simply maintaining his bullish posture after the Dow industrial average tumbled through a critical support level recently at 10,334 points.
At its low for the trading session Tuesday, the industrial average dropped to 10081. The Dow has not traded below the 10,000-point mark since April 7.
|
