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To: long-gone who wrote (4431)	12/18/1997 3:17:00 PM
From: Alex	Read Replies (2) \| Respond to of 116753

Prudential's bull Acampora sees bear market in '98 NEW YORK, Dec 18 (Reuters) - Prudential Securities self-described ''raging bull'' market forecaster, Ralph Acampora, said on Thursday that recent events in the stock market have convinced him that a bear market will emerge in 1998. Acampora, Prudential's director of technical research, said he expects the majority of stocks to suffer declines of 20 percent or more next year. "It's a bear market," he told reporters. Acampora backed away from his previous forecast that had the Dow Jones Industrial Average reaching 10,000 by mid-year 1998. Acampora said U.S. stocks are likely to rally early in 1998, boosted by a ''January effect'' move fueled by flows of cash from investors who sold stocks at the end of this year and fresh money into retirement funds. He said the Dow could reach a range of 8300-8600, but will likely sell off in the second half of the year, pulling the blue chip index as low as a range of 6000-6300. But the 1998 low would be the launching point of a fresh rally that would take the Dow to the 10,000 mark in 1999, Acampora said. On Thursday afternoon the Dow was off 107 points, or 1.3 percent, at 7850. Acampora said he was convinced to adopt a more ''prudent'' stance toward the market by the ''broad deterioration'' in the stock market in recent weeks. Any recent strength in stocks has been focused on a few large capitialization ''mega cap'' shares, while smaller stocks have been hit, he said. ''I have a problem now,'' Acampora said. ''I don't have that many (stock) groups supporting the market.'' After rising 326 points in the first week of December the Dow fell 311 points last week as investors fretted over the impact to U.S. corporate profits of the economic crisis in Asia.