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Pastimes : Things That Annoy Me -- Ignore unavailable to you. Want to Upgrade?

To: joe who wrote (1701)	11/19/1998 1:54:00 AM
From: Wigglesworth	Read Replies (2) \| Respond to of 4023

That's the 12th time he's changed his forecast this week! ARCHIVE October 8, 1998 Acampora: We Could Go to 6500 By Paul R. La Monica HOW MUCH WORSE can it get? Brace yourself. Ralph Acampora, Prudential's technical guru, lowered his near-term bottom target for the Dow to between 6500 and 7000. This new floor is based on recent performance of the blue-chip stocks. And his range for the S&P 500 is now 745 to 870. Using his worst case scenario estimates, that calls for another 16% drop in the Dow and 22% more downside for the S&P. Keep in mind, Acampora was widely denounced after he changed his well-publicized Dow 10,000 target back in August and said the Dow could fall to 7400. But nobody's laughing now. Heh, Heh, Heh!!! Acampora doesn't take psychology into account. His evaluations are purely technical. And that's the truly scary part. The charts have been ugly enough, yet he still doesn't see a bottom at this level. That's not very reassuring but based on his prescient call in August, you have to listen to what he has to say. The damn thing is he says too often!