Apparently Ralph Acampora is referred to as many as the Godfather of technical analysis.
He says:
- The stock market has been exhibiting “suspicious” behavior
- And that suggests a new bear market is on the horizon
- The Dow Jones Industrial Average could slide to 12000 before the longer-term, “secular” bull market can resume (Godfather … secular … maybe I should’ve posted this on Sunday?)
“I’ve been bullish for over four years, so for me making this call, it’s important,” said Mr. Acampora
- Too many stocks are in, or already pulling back from buy spikes that are signs of exhaustion
- Thinks that the Dow could fall more now than it did in 1998
Acampora goes on with what he needs to see to change his mind:
“For me to change my mind, I need to see new highs across the board” in the benchmark indexes
Article is here
Any equity traders out there, what do you think?
