K,
Ralf Acampora is excited about a mega market.
NW
U.S. TRADING SUMMARY: The Dow Jones industrials crossed the
psychologically important 10,000 milestone Tuesday, but then
proceeded to fall back into negative territory. The Dow, which
briefly hit a high of 10001.78, a 43.01 point gain, was down 24
points at 9935 at midday. The Nasdaq was higher by 3 to 2434. The
S&P 500 inched down 3 to 1305, and the Russell 2000 loss 2 to 399.
Market Breadth on the NYSE was negative with declines leading
advances 17 to 12 and volume of 449 million shares. ''Technically
the 10,000 mark is nothing important, but psychologically it's
important because it's not every day that you add a digit to the
Dow,'' said Bill Meehan, chief market strategist at Cantor
Fitzgerald. ''We're in a new bull market. This could be the start
of a 'mega-market' lasting 12-15 years, similar to the boom
markets that followed the First and Second World Wars,'' said
influential Prudential Securities chief technical analyst, Ralph
Acampora. Other analysts cautioned that individual investors not
get wrapped up in the excitement of reaching the milestone. UNION
CARBIDE CORP. (UK: 45, + 1-1/2) was the Dow's leading stock. The
specialty chemical company said it expected first quarter earnings
would be near the high end of Wall Street expectations. |
