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Technical Strategist Quint Tatro, Founder and President of Tatro Capital joins the panel for this conversation. Following is a summary of his main points.
Chart: S&P 500
Analysis: We continue to 'kiss' the longer-term trend from the underside. What was once support is now resistance. “Until traders decided they want to take this puppy home to mama, I am a seller into strength,” Tatro says.
I think the S&P is headed to 1410, Guy Adami adds.
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Chart: DryShips [DRYS
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Analysis: The stock has been in a downtrend since late 2007 and only just recently broke out, reveals Tatro. That suggests to me that this stock is a buy at current levels with a stop below $60.
It’s a volatile space, adds Karen Finerman. Know that going in.
I’d play the rails before ships, Jeff Macke says.
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Chart: Corning [GLW
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Analysis: Trends in this chart suggest to me the stock is a buy at current levels with a stop below $22, Tatro says.
I also like GLW, adds Guy Adami.
For more on Quint Tatro's analysis please watch the video.
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Trader disclosure: On Apr. 21, 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 (DIS), (YHOO), (MSFT), (HAS), (INTC); Najarian Owns (AAPL), (XLF), (YHOO), (UA) (NOK); Najarian Owns (BHI) Calls, (CHK) Calls, (MSFT) Calls, (RSH) Calls, (POT) Calls, (ICO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (MSFT); Finerman's Firm Owns (SUN), (TSO), (VLO), (WMT), (YHOO), (BJS); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns Shares Of Expro International Group PLC; Finerman's Firm Is Short Pounds; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"
Tatro Owns (DRYS), (SPY)
Data is a real-time snapshot *Data is delayed at least 15 minutes