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Acampora sees Dow 11,500
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March 15, 1999: 5:17 p.m. ET
Prudential analyst looks into his fiscal ball and sees some mighty big numbers
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NEW YORK (CNNfn) - Ralph Acampora just loves this market.
Even though the Dow didn't quite make it to 10,000 Monday, Acampora, chief technical analyst for Prudential Securities, sees the Dow hitting 11,500 this year, 14,000 to 15,000 by the end of the year 2000 and 20,000 or 30,000 in 10 years.
"It's a wonderful market," said Acampora, speaking on CNNfn's "Street Sweep" . "The thing that is so very, very impressive is the quality of the stocks that are doing this. It's a very narrow list, but it's a beautiful list."
Acampora was so up on the current state of the market that he said wanted to dump the old "bull market" for a new term: mega-market.
"We've had three of them in history," he said, "and the theme is peace -- peace and technology. We haven't seen that in many, many years. That's what's driving this market ultimately."
For those afraid of the big, bear market, Acampora said it came and went last year between July and October. Now, he said, we've started a whole new bull market.
"It hasn't been straight up," he said. "In the last four, five, six weeks we've had some corrections, especially in the technology area. I'm not saying the correction is over for a lot of stocks, but it sure as heck is over for the Dow."
Acampora named some of his favorite stocks, including Johnson & Johnson (JNJ), Citigroup Inc. (C) and General Electric Co. (GE).
"I wouldn't be frightened by the price of these stocks," he said. "I would be in awe of the quality. That's what's leading this market and everybody's overlooking that."
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