Category: gurus

Bring in the clowns

On May 3rd the DJIA hit 15,000 for the first time.  Right on cue, Ralph “Make ’em Poorer” Acampora predicted Dow 20,000 by 2017 on CNBC in an interview with Maria Bartiromo.  She heaped praise on Acampora’s recent bullish prognostications while conveniently hitting the delete key on his past, which included this blooper from the top of the credit bubble on July 18, 2007 (also on CNBC):

“I’m predicting Dow 21,000 by 2011. It’s only 40% from here [actually 51%, but who’s counting]. It’s a lay-up.” When asked about recent credit jitters, he responded, “Bad news is good news; never fight the tape.”

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