Ralph Acampora is Bullish
Ralph Acampora, the “godfather of technical analysis,” provided his latest assessment of the market on CNBC today (see video below). Acampora said the recent low of 2,114 on the S&P 500 will probably hold, while with the election coming up, investors will be confused short-term.
Acampora added that recent earnings reports were “fabulous,” and he was surprised by their strength.
Acampora said new highs from Google, Facebook, and Microsoft along with strength in emerging markets and the German DAX, French CAC, and UK FTSE 100 were encouraging.
Regarding the narrowing breadth of the market (fewer stocks making new highs), Acampora said he was certainly concerned by it, but if it doesn’t improve after the election he’ll have a bigger problem with it.
Acampora stated that he believed the market would end the year at all-time new highs with the S&P 500 around 2,200.
2 1/2 years ago Acampora believed the market was in a stealth bear market (link).