Chartology – New Trouble For Old Economy
Weakness in housing may be dragging down other stocks. Oppenheimer Chief Market Technician Carter Worth recommends a closer look.
Worth is skeptical on the stock market overall, but specifically, he sees weakness in two home goods companies.
Williams-Sonoma (WNM)/ Bed Bath & Beyond (BBBY)
When comparing charts for Williams Sonoma and Bed Bath & Beyond Worth sees the “head and shoulders” formation. That typically suggests these stocks could go lower.
These charts suggest to Guy Adami that if WNM and/or BBBY stock drops 2% -- it will likely drop 8%.
Google (GOOG) and Market
When comparing charts of Google (GOOG) to the overall stock market, Pete Najarian sees a trend that suggests to him that they could move in tandem.
He believes the same is true of other tech titans including Microsoft (MSFT), Research In Motion (RIMM) and Apple(AAPL).
For more in-depth analysis please watch the video.
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Trader disclosure: On Nov. 28, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (NAT), (EMC), (ISIS),Najarian Owns (BSC) Options, (COP) Options, (GOOG) Options, (YHOO) Options: Finerman's Firm Owns (PLCE), (TSO), (WMT), (YHOO), (LOW): Finerman's Firm Owns (BIIB) Options, (MSFT) Options: Finerman's Firm Is Short (SPY), (IWM), (IJR), (IYR), (MDY), (MBI): Finerman's Firm And Finerman Own (GS): Finerman's Firm Owns (HD) And (HD) Puts, Finerman Owns (HD): Finerman's Firm Owns Russell 2000 Puts: Finerman's Firm Is Short (LEH) And Owns (LEH) Puts: Seymour Owns (AAPL), (MS), (MSFT), (YHOO), (GFA), (ITU), (SWC), Gazprom, Lukoil: Seygem Aset Management Owns (EEM), (CTCM): NBC Universal Is The Parent Company Of CNBC