Ralph Acampora Foresees a New High for the DJIA
Seeing stocks like American Express and Disney hit all-time new highs along with AT&T and Intel acting better “over the past month or so” altered Acampora’s view.
Acampora sees over 1/2 the components of the Dow breaking out which will power the DJIA to between 16,500 and 17,000 by the end of the year.
However, Acampora feels that by year-end the market will be very overbought setting up for weakness in 2014 [link].
Back in mid-August, Acampora said positive news was not impacting the market and there was a possibility for a 15% sell-off [link].