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We're on target to hit Dow 22,900 by the end of the year, technician Ralph Acampora says

  • The so-called godfather of technical analysis, Ralph Acampora, says he doesn't believe the bull market is overdone.
  • He's sticking to his prediction that the Dow Jones industrial average will hit 22,900 by the end of the year.

The so-called godfather of technical analysis, Ralph Acampora, is sticking to his prediction that the Dow Jones industrial average will hit 22,900 by the end of the year.

When he first made the call in early 2017, it was a "Hail Mary pass," the director of technical research for Altaira Capital Partners said in an interview with "Closing Bell" on Friday.

"There were a couple of times during the year I thought that maybe the honeymoon would be over and we wouldn't see that, but as of the last few days, I think we're on target to hit … 22,900," Acampora said.

U.S. stocks closed higher on Friday, with the Dow rising 39.46 points to close at 21,987.56. The index is up 11.25 percent year to date.

Acampora said the rally is really a global event, with foreign markets also doing extremely well.

"This is a very broad-based advance; despite some of the uncertainties coming out of the White House or … North Korea shooting the missile over Japan, the market just seems to absorb it."

To Acampora that is the market assuming the fundamentals are fine.

"Let's face it, the public is getting in the market but they, by and large, have missed this whole bull market, so it's not overdone."

— CNBC's Fred Imbert contributed to this report.

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