Technical analyst Quint Tatro is watching the S&P 500 and the Dow very closely and he says you need to be very concerned with a few numbers.
In the S&P he’s watching 1292, which he calls a battleground area. On Friday the index traded above this important technical level which could signal a new trend. Tatro recommends long Ultra S&P500 Proshares . with a stop around 1265.
And in the Dow he’s watching 11,700 on the same sort of premise. If the Dow breaks out above this level he suggests long Ultra Dow30 ProShares because the move may signal that the Dow is breaking out of its current channel.
For more of this analysis and to see Tatro’s charts please watch the video.
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Trader disclosure: On Aug 15, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Quint Tatro Is The Principal Of Tatro Capital: Tatro Owns (C), (GS), (JPM): Tatro Capital Owns (EEV), (INTC), (QQQQ), (SMN), (SPY), (SSO), (UYG): Najarian Owns (HD): Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (CSCO) Calls; Najarian Owns (HCBK) Puts; Najarian Owns (TSO) and Is Short (TSO) Calls: Seymour Owns (AAPL), (EEM), (MER), (TSO) : Seygem Asset Management Owns (EEV): Terranova Owns (YHOO), (AAPL), (RIMM), (INTC), (GS), (GOOG), (CME), (IYT),(BNI), (SU), (SA), (VLO), (KOL), (POT), (X), (FCX), (NOV), (EOG), (XLF): Terranova Is Short Crude Oil Time Spread (Short Dec. 2008, Long Dec. 2012): Terranova Owns Dec. 2012 Crude Oil
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.: Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO
Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)