US Markets

In this market, 'I'd rather stay home': Acampora

US market still attractive: Acampora

With a shaky Shanghai market that's plunged nearly 30 percent over the past three weeks, and similar shakiness surrounding Greece and Europe, the so-called Godfather of technical analysis, Ralph Acampora, advised investors on Monday to look no further than U.S. stocks.

"European markets still look like they have a bit of a problem and again it's all the uncertainty about Greece," Altaira's director of technical analysis told CNBC's "Closing Bell." "I think the U.S. market is holding relatively well so I'd rather stay home."

Despite getting nervous when U.S. markets stalled recently after failing to mount any substantial breakthroughs, Acampora said, "There are still sectors that look good like financials, technology, health care and even some of the industrials," but noted the leadership is narrowing.

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And though the U.S. looks better than Europe and China now, Acampora said he was partial to seeing a Chinese rally as the government there initiates emergency measures to prevent a crash in the world's second-largest economy.

"If their government is going to step in that's like the Fed here and the old saying is you never fight the Fed," he said. "That's a put in the market, so I take that as a positive. And technically the Shanghai index, believe it or not, is currently sitting on its 200-day moving average so I think you have an entry point here."

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As for commodities, on a day where oil slid nearly 8 percent to mark crude's worst day since April, Acampora said the downtrend would only continue if the U.S. keeps looking this good compared to other markets.

"Commodities are currency sensitive," he said. "I think the dollar will remain firm and probably work its way higher and I think that will be a bit of a weight on commodities in general."