‘Godfather' of chart analysis says ‘damage done to the stock market' is much, much worse' than anyone is talking about
2018-10-31 — marketwatch.com
Acampora cited a break down of so-called FANG stocks--a quartet of technology and internet-related companies that include Facebook Inc. FB, +0.16% Amazon.com Inc. AMZN, +0.12% Netflix Inc. NFLX, +5.59% and Google-parent Alphabet Inc. GOOGL, -0.05% --as the clearest sign that the worm has turned on the bull market.
"I've been a bull for a long, long time and like everyone, I was waiting for a correction but this is something different," said Acampora, who many chartists refer to as the "godfather" of technical analysis.
"All the leadership is getting crushed," he said.
Acampora said he believed that the entire stock market itself would go into a bear market and said the current dynamic in the market was eerily similar to the stock-market crash of 1987, when the Dow slide a historic 22.6% in a single day on Oct. 19 of that year.
Acampora isn't alone in his bearish view. Michael Wilson, Morgan Stanley's chief U.S. equity strategist, said he believes the market is undergoing a "rolling bear market." He was among the first to spot fractures in the market's uptrend.
Comments: Be the first to add a comment