The following is lifted from Ralph Acampora's Technical Outlook (Prudential Securities) dated 02/23/99:
"...What now?
The support level on the DJIA (9,100) is now very formidable. It should serve as a new much stronger floor on the DJIA.
The stocks that held up well during this corrective phase, will continue to lead: Drugs, Financials, selective retailers, restaurants, and beverages.
Short covering was part of yesterday's success and volume could have been greater -- These are the excuses that the bears will use today to minimize the markets advance.
But for long term Bulls like us, the adage holds true, "NEVER FIGHT THE TAPE". If the correction to date is all that the market gives us in the way of a normal pause, so be it ...
The bottom line is, that the internal numbers were bad but the market still wants to go higher. Our 1999 DJIA targets were always in place. They are 9,800 near term and an extreme of 11,500 on the longer term. The extent and duration of the current advance should be determined in the next several days by the upside follow through, but the downside momentum appears to been broken, and that is the real message that we offer today.
Attractive stocks: PFIZER (PFE-133, is rated 'HOLD' by Prudential Securities Research), Merck (MRK-81 3/4, is rated 'HOLD' by Prudential Securities Research), Johnson & Johnson (JNJ-87 15/16, is rated 'ACCUMULATE' by Prudential Securities Research), Citigroup (C-55 7/16, is rated 'HOLD' by Prudential Securities Research), American Express (AXP-108 1/2, is not rated by Prudential Securities Research), JP Morgan (JPM-113 1/8, is not rated by Prudential Securities Research), Home Depot (HD-61 1/2, is rated 'ACCUMULATE' by Prudential Securities Research), WAL-MART STORES (WMT-88 1/4, is rated 'ACCUMULATE' by Prudential Securities Research), McDonalds (MCD-85 5/8, is not rated by Prudential Securities Research), Anheuser Busch (BUD-73 1/2, is 'SBUY' rated by Prudential Securities Research), Adolph Coors (ACCOB-58 1/8, is rated 'SBUY' by Prudential Securities Research), American Intl Group (AIG-119, is rated 'ACCUMULATE' by Prudential Securities Research), Marsh & Mclennan (MMC-69 1/2, is not rated by Prudential Securities Research), Hewlett Packard (HWP-73, is not rated by Prudential Securities Research), Clorox (CLX-124 1/4, is rated 'SBUY' by Prudential Securities Research), and Disney (DIS-34 7/8, is rated 'HOLD' by Prudential Securities Research). "
Ibexx
PS: highlights added by Ibexx--owner of these stocks |
