As 1998 begins to disappear into the history books I thought it would be interesting to take a look back at 4 Wall Street market maven's predictions as aired on Wall $treet Week on January 2, 1998. Each person was asked to guess the Dow's high, low and close for the year, along with a few notational comments about the then year ahead. Although Ralph Acampora's pronouncements throughout the year moved the market more than anyone except Alan Greenspan, I will have to give him a subjective grade of "D" for his one-year lookahead at the Dow Averages.
Ralph Acampora - exciting.
High - 8600 - too much optimism.
Low - 6000 - 2nd half of year difficult - bear market.
Close - 7300 - earnings to impact 2nd half.
- interest rates lower (deflation).
Recommended 5 short sales NKE, PHG, TDW, TKC, B
Lazlo Birinyi - watch inflation, and recommended purchase of AAPL,
High - 10,250 BRK.b, MO, PFE, CAI,B
Low - 7800
Close - 9750 Subjective grade "B"
Robert Stoval - profits important this year.
High - 8972 - spotty earnings growth.
Low - 7472 - recommended OXHP, EK, BUS, SRM, UBNN
Close - 7972
Subjective grade "C-"
Julius Westheimer - the big money has been made.
High - 8545 - market's movement sideways.
Low - 6835 - watch interest rates and the baby boomers.
Close - 8345 - recommended T, BKB, CBS, TW,
Subjective grade "D+"
Gee, not one internet recommendation among the four. <gg>
MT |
