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Whether you like Acampora or not, he does carry weight on the Street and his
opinion can move the market, at least for a day. I believe it does explain a
good portion of today's decline.
Ralph, of course, has gotten this reputation by being one of the biggest bulls
on the Street by calling for Dow 7000 when it was at 4000. Like Garzarelli,
Prechter and Granville before him, who all moved the market in their
respective heyday, Ralph will be wrong eventually and lose his luster.
Remember, after Garzarelli issued a sell signal a few years ago the market
bottomed the very next day. Maybe Wednesday will be the 'Acampora' low.
P.S. I saw him speak a year ago and he is a dynamic speaker. Go see him if
he's in your area.
Howard Bernstein
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