* Ralphie Watch * -EDIT/Acampora Sets 2000 Nasdaq Target at 4,800 to 5,000
biz.yahoo.com
Tuesday December 21, 11:23 am Eastern Time
Prudential's Acampora sets 2000 stock targets
NEW YORK, Dec 21 (Reuters) - Ralph Acampora, the well-known chief technical analyst at Prudential Securities, said the Nasdaq should smash the 5,000 mark next year as stocks look forward to another year of double-digit gains.
For 2,000, Acampora said he expects the Dow Jones industrial average to move up to 13,500 to 14,000. If it hit the top of his range, that would be a 25.6 percent gain over Monday's closing level.
He sees the broader Standard & Poor's 500 Index at between 1700 and 1800, which would be up 27 percent.
Acampora said he expects technology stocks to surge even higher than the blue chips. He predicted the Nasdaq would jump 37 percent to 4,800 to 5,000.
The three major averages have racked up gains of roughly 20 percent for an unprecedented four years running and seem close to doing so again in 1999. For the year so far, the Dow is up 21 percent, the Standard & Poor's 500 Index is up 15 percent, and the Nasdaq has surged 72 percent.
Acampora is a technical analyst, meaning he uses charts of past stock performance, and not fundamentals such as sales or profits, to make his forecasts. |
