I think that you are going to be flirting with that number back and forth. I think good traders, on the excitement, probably took some profits and I think that we will vacillate and move a lot higher.
More Quotes from Ralph Acampora:
Time is one of the important things to me as an analyst, and this rally is long in the tooth. And if interest rates climb above 4.8 percent, this market could stop on a dime.Ralph Acampora
I think quite often when you get to a round number you have a lot of anxiety. This backing off is healthy. It takes some of the enthusiasm out.
Ralph Acampora
I'm trying to tell people now that 10,000 is no longer the ceiling. I think it's the floor for the market over the next 5 to 10 years.
Ralph Acampora
There's 'hot money' -- hedge fund money, more aggressive money -- if they sense anything out of the ordinary, they bail out quickly, en masse.
Ralph Acampora
I have not changed my opinion on blue chips this correction creates a buying opportunity. (But) if you talk about other averages, like the Russell 2000, they look terrible.
Ralph Acampora
the bull market is only 3 months old. . . . We're in the early stages of something that's going to last a long, long time.
Ralph Acampora
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