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Where do you think the market goes next?
If you look at the Dow [.DJIA
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]chart, it made a head and shoulders formation and from a technical standpoint, that suggests to me it’s going to break lower says Brian Schaeffer, Managing Director at Van der Moolen, and Fast Money contributor.
I think in about two weeks we’ll be asking one another if the Dow at 12,000 will hold.
But it’s not just technicals that I don’t like, Schaeffer says. Look at the fundamentals – not only are there write-downs from financials but Sprint is expecting to write-down, as well.
What’s your trade?
I recommend shorting the market with the UltraShort QQQ ProShares
[QID
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]because tech stocks will probably see some profit taking.?
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