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Dueling gurus
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January 8, 1999: 9:35 a.m. ET
Acampora grins but Cohen trims as two top analysts take different roads
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NEW YORK (CNNfn) - In dramatic juxtaposition to moves by another influential market guru, Prudential Securities' Ralph Acampora Friday advised investors to stay aggressive in stocks, saying the market is riding a once-in-a-lifetime bull trend.
"I'd be 100 percent fully invested in equities," the chief technical analyst for Prudential said in an interview on CNNfn's "Business Day." "I would be buying banks today. I would be buying computer stocks."
"I would be buying low depressed Dow stocks like Boeing (BA) and Sears (S), 3M (MMM) and DuPont (DD). There are an awful lot of names."
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On the other hand, longtime bull Abby Joseph Cohen, the fabled Wall Street soothsayer at Goldman Sachs, is trimming her recommended allocation for stocks in a model portfolio.
Cohen, co-chair of Goldman's investment committee and recently named a partner, is advising investors to devote 70 percent of their holdings to stocks, down from 72 percent, and fill the void with fixed-income securities.
While the move Thursday may not seem like much, it suggests Cohen sees the stock market -- which has blasted upward sharply in the first three trading days of 1999 -- as overbought.
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