- Highest State Foreclosure Rates
- Gold Hits $1,121, Barrick Chief Says Selloff Possible
- Yuan Critics Want Obama to Keep Campaign Promise
- Dollar Trouble, Oil's Bubble Could Derail Recovery
- Jobless, Wal-Mart to Drive Sentiment on Thursday
- Hewlett-Packard to Acquire 3Com for $2.7 Billion in Cash
- AIG CEO: I Remain 'Totally Committed' to Firm
- CNN Anchor Lou Dobbs Says He is Leaving Network
- A Day on the USS Harry S. Truman
- What to Expect From Disney Earnings?
- HP's Shot Across Cisco's Bow
- USC Football Blog Leads All-Access Space
- Clowning Around At Work
- Ahead of Earnings Disney Restructures Studio
- Nov. 11: Unusual Volume Leaders
- 3 'Clear Sailing' Mid-Caps For Investors: Strategist
- Intimate Apparel Sales Heating Up: Maidenform CEO
- A Day On The USS Harry S. Truman
MOST SHARED
- Hewlett-Packard to Acquire 3Com for $2.7 Billion in Cash
- How the Droid and Google Threaten the GPS Makers
- Dollar Trouble, Oil's Bubble Could Derail Recovery
- USC Football Blog Leads All-Access Space
- Addicted to Easy Money?
- HPQ to Acquire 3Com
- Shopping for Answers
- Credit Is Thawing, But Businesses Still Hesitant to Borrow
- CNN Anchor Lou Dobbs Says He is Leaving Network
Text Size 
The broader stock market needs an "exhaustion" of selling before buyers can take control, but that time is close, according to charts of the S&P 500 index, independent trader Bill McLaren said Friday.
"We're probably within days" of a bottom after breaking the lows of the 2002 bear market, McLaren told "Squawk Box Europe."
The current style of trend needs "capitulation and exhaustion to end" and "we needed real panic" to shake out all the selling, he said.
A real sign of the bottom o the S&P [.SPX
Loading...
()
] will be a big consistently down day or a day with a wide range in the index that closes on the lows, McLaren said.
(Watch the full interview with Bill McLaren above).
The important levels are 710 to 720 and 650 to 660, and the S&P could hit 660 in Friday's trading, he added.
"If this market can exceed four trading days of rally the new would have completed an exhaustion," McLaren said.
For the Investor:
Pros Say: Oil Heading Toward $35 This Year
Options Action: Someone Likes Motorola (!)
China, Not So Risky After All?
Financials Stuck in Volatility Frenzy: Analyst
Three Defense Stocks for 2009
Print
Email
- Bernard and Ruth Madoff's personal possessions will be auctioned this weekend. Click ahead to see.
- US real estate prices have fallen dramatically, but some places are still doing well. See the best-performing zip codes this year.
- An Italian cashmere maker aims to make profits while creating ideal conditions for his workers.
- Just in time for the holidays, the Triumph company of Japan offers the latest innovation in women’s undergarments.
- The real result of health care reform will be bloated government and higher deficits, says Larry Kudlow.
- Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
Data is a real-time snapshot *Data is delayed at least 15 minutes