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Forget all that talk of sitting on the sidelines. One esteemed market technician says you're better off being in, than being out!
If you watch Fast Money regularly you know that on October 13th Oppenheimer chief market strategist told the traders the market had bottomed.
Now he’s telling us “Just as it was right to be cautious and careful for months now it’s time to take the other side. Here’s the adage that I would apply. Force yourself to sell extreme strength and force yourself to buy extreme weakness.”
What's the thesis? He tells us the market already knows that corporate profits are going to be bad; that the market knows there’s trouble in commercial real estate as well as the debt markets and all of that is priced in. “There are always factors that are unknown but it’s better to be buying than selling.”
If you’re wondering where to put your money Worth says look at the most beaten down names in the industrials [XLI
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], materials [XLB
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] and energy [XLE
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]sectors. He likes “capitulation-type names that have come down 70% or more. And stay away from consumer discretionary [XLP
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] and financials [XLF
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].”
That might sound like crazy talk but remember, Worth was among the first market mavens to call for investors to sell the market almost a year ago.
What do you think? Tell us now! Do you agree with Carter Worth that the market has bottomed? (I know we did this on Wednesday but considering the topic I thought it was worth another go.)
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
- Hold 'Em Or Fold 'Em
- Off The Record w/ Charlie Gasparino: Bank of America
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Trader disclosure: On Oct.23 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 (MCD), (MSFT), (WMT), (SDS), (UUP), (BNI); Seymour Owns (AAPL), (F), (MER); Seygem Asset Management Owns (RIO); Najarian Owns (BNI) And Is Short (BNI) Calls
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