The Fast Money traders told you the bottom won’t be in, until there’s panic like never before. Wait, this week volatility spiked to all an all time high.

And the Fast Money traders told you the bottom won’t be in until the Street is bloody from stocks that have been slaughtered. Wait again, this week the Dow experienced it’s worst one day sell-off, ever.

That means we have panic and blood. So, is the bottom in?

For insights we turn to Oppenheimer chief market strategist Carter Worth. Following is a synopsis of his technical analysis.

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CARTER'S MARKET OUTLOOK

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As you can see from the chart, “there’s big volatility in this market and big volatility never happens in the middle (of a cycle). By all accounts big volatility only comes at the top or the bottom,” Worth says. And this certainly isn't the top. "I'm not saying to immediately run out and buy stocks but I'd lean off the short petal."

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CARTER'S SELL: TRANSPORTS

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Patterns in this chart suggest to Worth that transports are a sell. Although the Dow has come back to its highs and global markets have come back to their highs, the transports have not. “I would get out of the rails including Union Pacific (UNP), Burlington Northern (BNI) and Norfolk Southern (NSC), he says as well as trucking stocks such as JB Hunt (JBHT) as well as Ryder (R). And underweight the package haulers like FedEx (FDX) and UPS (UPS)."


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CARTER'S BUY: INTERNATIONAL PHARMA

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Patterns in these charts suggest that U.S. Pharmaceuticals are stuck in a downtrend, but international drug companies could be forming a bottom. “AstraZeneca is showing a major bearish to bullish reversal,” Worth says. The same could be true for Novartis.

To see Carter Worth's complete technical analysis please watch the video.

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Trader disclosure: On Oct.1, 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 (MSFT), (WMT), (HAS), (UUP); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (WB); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (BIIB) Calls; Najarian Owns (GS) Call Spread; Najarian Owns (MS) And (MS) Puts; Najarian Owns (NCC) Calls; Najarian Owns (XLF) Call Spread; Terranova Owns (MA), (AAPL), (EOG), (FCX), (FTO), (GS), (KOL), (NOV), (POT), (X), (VLO), (YHOO); Terranova Owns (MS) And Is Short (MS) Call; Terranova Owns (AIG) And (AIG) Puts

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.; Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights

Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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