Is the damage done or do more losses lie ahead? Find out what the charts suggest!

In you’re like most investors you see the Dow trading below 10,000 and you think to yourself, there should be unbelievable buying opportunities out there. Just look at the multiples and PE ratios on blue chips. They’re incredibly cheap, right?

Traditionally it’s true, the best time to buy is in a bear market. So why aren’t investors buying? Could it be because we haven’t hit the bottom yet?

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

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Long-term trends in these charts suggest to Worth that we could be near a level of support in the Dow and S&P. That would put the market in the capitulation stage. As a result, Worth  anticipates a day-to-day rebound.

However, the next phase, he says, is apathy. And that could mean a sideways market for some time.

For Worth's complete analysis please watch the video.

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Trader disclosure: On Oct.6, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (UUP), (MSFT), (WMT), (MCD), (BNI); Pete Najarian Owns (AAPL) And (AAPL) Puts; Pete Najarian Owns (IYR) Put Spread; Pete Najarian Owns (MS) And (MS) Puts; Pete Najarian Owns (RF) And Is Short (RF) Calls; Pete Najarian Owns (GS) Call Spread, (RIMM) Call Spread, (WB) Call Spread, (XLF) Call Spread, (NCC) Call Spread; Pete Najarian Owns (BIIB) Calls; Finerman Owns (GS); Finerman's Firm Owns (MDY), (SPY), (IWM), (MO), (JNJ), (MSFT), (DEO); Finerman's Firm Is Short (BBT), (COF), (IYR), (IJR), (USO), (SPG)

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