Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : EMC How high can it go? -- Ignore unavailable to you. Want to Upgrade?

To: Ibexx who wrote (4274)	2/8/1999 4:56:00 PM
From: John Carragher	Read Replies (1) \| Respond to of 17183

cnbc said the traders on the floor after the close expect a correction and are in his camp. Who knows ... but if you have the stocks you feel comfortable with and your long does it matter?

To: Ibexx who wrote (4274)	2/8/1999 5:07:00 PM
From: William F. Wager, Jr.	Read Replies (2) \| Respond to of 17183

What Did Acampora Really Say?..Blame bad info on CNBC.. By Stacey L. Bradford DON'T BLAME Ralph Acampora just because the Dow industrials dropped as much as 95 points early Monday. You can, however, blame the warp-speed dissemination of information and the ability of market professionals and amateurs alike to act on it with lightning-like rapidity. It all started on Monday morning when CNBC ran a story that Prudential's star technician was calling for a market correction of 5% to 10%. This story was then picked up by the news wires and quickly became a self-fulfilling prophecy. There was just one problem: He didn't say it. At least he didn't say anything new. Acampora's market commentary was in line with what he has been telling clients and posting on his firm's Web site for weeks. He said the market was in the midst of a 5% to 10% correction from its January peak, not from current levels. This means that at worst he is calling for the Dow to fall to 9100 or 8700. "We don't think this is unreasonable in light of the fact that so many huge gains were realized since the market low registered in October 1998," Acampora says. Ever since Acampora accurately timed the market's 20% correction back in August, he has become a cult-like figure among some market timers, and his advice is followed quite closely. Some argue a bit too closely, especially at moments like these. So how did his message get all screwed up? There is speculation that after Acampora addressed Prudential's sales staff on Monday morning, one member of the team spoke with CNBC and got Acampora's comments all wrong. Long term, Acampora remains as bullish as ever. He still believes that we are in the midst of a "secular-trending bull market" and that the Dow will end the year near 9900. He even says that all dips are great buying opportunities. One caveat, according to Acampora: Just wait for the dust to settle a bit before adding new money to the market.