Lars, A little detail on Ralphie's Wed. pronouncements:
Dow could see 11,500 by July/Aug-Pru's Acampora
BRUSSELS, March 10 (Reuters) - Wall Street's Dow Jones Industrial Average could hit 11,500 points before the end of this year, possibly as early as July or August, Prudential Securities technical analyst Ralph Acampora said on Wednesday.
''We are in a new bull market,'' he told a presentation before equity dealers in Brussels, noting that Wall Street was already only points away from his first target for the year of 9,800 points.
The Dow Jones Industrial index closed up some 79 points at 9,772.84 on Wednesday.
Financial stocks were recovering from the beating they received from the Asian and Brazilian economic crises. He said investors should hold a core of financials, including Citigroup Inc.(NYSE:C - news), Merrill Lynch and Co. Inc.(NYSE:MER - news) and American International Group Inc. (NYSE:AIG - news) and have ''some exposure'' to drug companies such as Johnson & Johnson (NYSE:JNJ - news) and Merck and Co. Inc. (NYSE:MRK - news).
In biotechs he cited Amgen Inc. (Nasdaq:AMGN - news).
He recommended market leaders, ''those who have the pricing power'' and cited General Electric Co. (NYSE:GE - news), Wal-Mart Stores Inc. (NYSE:WMT - news) and Home Depot Inc. (NYSE:HD - news).
P.S. - If I may add a caution - one might be careful if the exposure to drugs is internal...(unless of course, it is strictly for medicinal purposes)
Wally M. |
