Yes, but probably only in general (meaning only from a theoretical point of view without considering external forces)?
E.g. as soon as the cable has headwind (in the opposite way of the planet's rotation) the cable would slack off, the thing in orbit would slow down & lower its altitude (how much? Would it anyway have to always skim the upper atmosphere?) => then as soon as the cable gets tailwind the opposite would happen, with relative slingshot-effect.
For practical purposes the atmosphere ends at 500km altitude. The cable is going to have to be 36,000 kilometers long. Atmospheric effects are pretty much rounding error at that point - imagine trying to swing a 10 foot long pole by blowing on the first inch.
Just fantisizing here, but helium baloons go over 50km up; can this elevator cable be vertically supported by solar-powered helium-filled heat packs alongs its way, with horizontal stabilization of large fans blowing in oposite direction (lower atmosphere) and tiny rocket boosts in above-atmosphere region similar to how sattelites correct their orbits?
