I'm watching for 2280 on the NAZ, which should occur fairly quickly this morning. That would be almost exactly the 10% Acampora "called" for. If you remember back to last August when he called for DOW 7400, everyone, including most everyone on this board, mocked him and scoffed profusely. Sure enough, though, 7400 was EXACTLY the intraday low and was revisited again in October. Do you see the self-fulfilling prophecy in all this? Why do you think the "counter spin" with Acampora saying "wait a minute, I don't think the market's going to hell. In fact I'm a bull! 9,800! 11,000!" has come out. They don't want people to take his warning too seriously and overdo it, thus seriously damaging market psychology. As long as the rest of the world doesn't start to fall apart again, today should be the turning point, IMO.
Rich |
