This bull market is more powerful than the late 1990s, says 'the godfather' of technical analysis
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Billionaire Sam Zell sees 'irrational exuberance' in the stock market and holds mostly cash
- The seemingly unstoppable stock market rally is based on emotions not fundamentals, Zell says.
- "I think the current situation seems like irrational exuberance," he argues.
- Zell says he does see a path to increased economic growth due to tax reform and deregulation.
This bull market is more powerful than the late 1990s, says 'the godfather' of technical analysis
Stephanie Landsman | @stephlandsman
Published 8:33 AM ET Wed, 10 Jan 2018 Updated 12:29 PM ET Thu, 11 Jan 2018CNBC.com
Raging rally shows no signs of fading, Ralph Acampora says 4:06 PM ET Tue, 9 Jan 2018 | 02:07
The godfather of technical analysis is a raging bull, and he's becoming even more vocal about it.
Last week, Ralph Acampora said he was so bullish he had to sit down and calm down.
"I'm not sitting in a chair anymore. I'm sitting in a rocking chair," he told CNBC's "Futures Now" on Tuesday — adding that the "chair was about to explode."
The S&P 500, Dow and Nasdaq have been sizzling.
The S&P 500 is seeing its strongest six-day win streak in 31 years. That index, along with the Nasdaq, just registered its sixth all-time closing high of 2018. The Dow has clocked four record closes.
"This is a market that's more powerful than the late '90s," said Acampora.
Altaira Capital Partners' Acampora, who calls himself "the godfather of technical analysis," contends an impressive rotation is firmly gripping the market — a vital element of any strong bull market.
"The last six days have been phenomenal," he said. "Foreign markets are on fire, too. It's all over the world."
He points to a simple chart that illustrates the breadth of the rally. According to Acampora, the NYSE advance-decline line reflects just how vibrant the stock market is right now.
"We technicians look at the breadth of the market. That's the advances and declines," he said. "It just tells you the direction of the move. And you look at that picture, and the majority of stocks are moving up. To me, that's broad-based advance and it makes me very, very encouraged."
He sees a few areas in particular making a hefty move higher.
"Energy is just starting to break out. There are a lot of very good moves here that are their early stages," Acampora said. "Financials are right behind it, industrials and, of course, technology. That game is not over yet."
Who is this guy?
What is "Altaira Capital" ?
Why is he so childish / naive ?
Okay, that smells bad, when everyone calls himself "god of", time to get out !
CM
Ralph is well known among technicians and he didn't call himself "god", CNBC did.
His timing is quite ugly.
He should have been "bull" every time NDX was close to 50 days Moving Average, not after a 10 day extension. IMO, noobish mistake. Really noobish. And excited in his rocking chair? Seriously? Time to retire
CM
Attachments
Maybe he bought a bunch of weekly calls. That is the way to play this market, specially if he is still bullish.
The funniest part is when he says "energy is ready to break out"
I wrote 3 months ago sector was ready to break out, and last week it was time to take profits.
https://www.elitetrader.com/et/threads/energy-sector-buy.313313/#post-4582684
CM
I wrote 3 months ago sector was ready to break out, and last week it was time to take profits.
https://www.elitetrader.com/et/threads/energy-sector-buy.313313/#post-4582684
CM
He died a few years ago