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With sentiment this bad should start trading as if the bottom is in?
Jeff deGraaf ISI Group Chief Technical Analyst joins the panel for this conversation. Following is a synopsis of his main points.
Chart: Put/Call Ratio
Analysis: The Put/Call ratio spiked to a level not seen in years, says deGraaf. That suggests a lot of the bad news could be in the market and that stocks could go higher over the next 20-40 days.
Chart: NYSE vs. Advance/decline Ratio
Analysis: Advancers outnumbered decliners by an order of magnitude that they have not done in sell-offs prior, explains deGraaf. This trend implies that trading immediately after the Fed’s money injection wasn’t just short covering. It was also new money going to work.
What’s the trade?
I expect financials will run, says deGraaf. And materials names could also go higher.
Pete Najarian is skeptical. I think we're in for one more whoosh in financials, he counters. I don’t think it’s over yet.
To see the charts used in this analysis please watch the video.
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Trader disclosure: On Mar.12, 2008, 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 (AMR), (BIIB), (C), (CSCO), (MS), (MSFT), (YHOO); Najarian Owns (COP) Calls; Najarian Owns (FNM) Puts; Finerman's Firm And Finerman Own (CROX); Finerman's Firm Owns (AEO), (DVA), (FNM), (GS), (MSFT), (TSO), (VLO), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Seymour Owns (HAL), (INTC), (MBI), (MER), (MSFT), (TSO), (CSCO), (TMA); Seygem Asset Management Owns (CHL), (EWT),(SSL), (TCL), (TSM), (EEM) Gazprom
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