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He tells CNBC that companies such as Textron [TXT Loading... ()
] are trading at ridiculously low multiples and he’s a buyer. But he's an optimist, no doubt.We couldn’t help but wonder, is Smith a little ahead of himself? Certainly, there are still liquidity problems out there. Or is he spot on? Find out what the charts suggest!
According to Oppenheimer chief market technician Carter Worth this chart as well as those of MetLife [MET
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] and AK Steel [AKS
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] demonstrate key technical reversals. He interprets the patterns as classic signs of capitulation. Specifically, he says massive volume in over-sold names suggest we have touched a bottom.
Worth sees similar patterns in the S&P and says "the market has likely bottomed."
If you watch the show regularly you know that Worth has been negative on stocks for quite some time so this kind of analysis is rather surprising. And there's more too, so hold your hats.
According to Worth, "everyone who had to sell has probably sold." He tell us now is the time to start buying stocks becuse he expects an overall 18% move to the upside. Even after Monday's giant rally Worth would still be a buyer. "The place to be is energy, materials and industrials," he concludes.
Maybe it really is darkest before the dawn.
What do you think? Tell us now.
For more of Carter Worth's analysis on Fast Money please watch the video.
Read More:
> Click here to see the entire interview with Bill Smith, president, CEO and senior portfolio manager at SAM Advisors mentioned above.
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Trader disclosure: On Oct.13, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (C), (WMT), (MCD), (BNI), (MSFT); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Finerman Owns (GS); Finerman's Firm Owns (DELL), (MSFT); Finerman's Firm Owns (MS) Calls; Finerman's Firm Is Short (USO), (IJR), (MDY), (SPY), (IWM), (USO), (BBT), t (COF); Seymour Owns (AAPL), (F), (GE), (MER); Seygem Asset Management Owns (EEM); GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC; Finerman's firm owns (MRK); Seygem Asset Management Owns (MER)
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