Broken Stocks Making a Comeback: Worth
Online Producer
Technical analysis suggests a few broken stocks are ready to make gains, Oppenheimer Chief Market Technician Carter Worth said Wednesday.
On "Fast Money," Worth showed charts of stock prices from Pitney Bowes and Hewlett-Packard, representing what appeared to be a bottoming.
"The bottoming action is someone buying, whether it's a short who's covering or a new long who sees deep value, but that's what you want," he said.
"You want that constructive healing kind of action, and they all show that circumstance."
Worth also said that when a stock's really going out of business, the share price doesn't act in this manner.
Trader disclosure: On March 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long NOK; Tim Seymour is long UA; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long BTU; Guy Adami is long NUE; Jon Najarian is long JPM; Jon Najarian is long GT; Jon Najarian is long BX; Jon Najarian is long FIG; Jon Najarian is long KKR; Jon Najarian is long TJX; Jon Najarian is long SLV; Jon Najarian is long ATVI; Brian Kelly is long S&P FUTURES; Brian Kelly is long GLD FUTURES; Brian Kelly is long SILVER FUTURES; Brian Kelly is long T-NOTES; Brian Kelly is long EURO FUTURES; Brian Kelly is short Copper; Brian Kelly is short Mexico; Brian Kelly is short Swiss Franc;
For Carter Worth
Oppenheimer & Co. Inc. makes a market in the securities of AAPL.
