Chartology: Grossly Oversold and Favoring the Upside - Rapid Recap

FAST MONEY FAVORITES

Larry Chase's Web Digest For Marketers
Fast Money Review
Online Traders Forum
Trading Goddess
Fast Money Stock Picks
Fast Money Recap & Review On MaddMoney.com
Minyanville.com
The Motley Fool
TheStreet.com
optionMONSTER

FAST MONEY FEATURES

FAST MONEY POLL
Get in the post game. Respond to our "Question of the Day" right now.

TRADE SCHOOL
Grab a pencil because school is in session and the Fast Money traders are teaching class.

FAST MONEY PODCASTS
Download Fast Money onto your MP3 Player.

FAST MONEY WIDGET
Grab this all-in-one application and get recaps of the show sent right to your desktop or blog.

SHOP FOR FAST MONEY MERCHANDISE
Get your game on with Fast Money gear.

FAST MONEY PHOTOS!
Check out our scrapbook. These "pix" are guaranteed winners.

NEWSLETTER
Sign up and receive a recap email every Friday after the show!

FAST MONEY MOBILE ALERTS
Get advanced information about the next Fast Money.

Stay up to date with the Rapid Recap

We’ll send the latest posts directly to you.

Subscribe to this RSS feed

How to use RSS?

Text Size

Nov.21

9:30 PM ET

Friday, 21 Nov 2008

Chartology: Grossly Oversold and Favoring the Upside

Posted By:Brian Beers

Topics:Investment Strategy | Stock Market | Stock Picks

Companies:International Business Machines | Goldman Sachs Group Inc

As the S&P 500 [.SPX Loading... () ] crossed at its lowest level since 1997, can we expect the selling to be done?

Greg Troccoli, the Opalesque Director of Technical Research believes that the charts are saying just that. He's optimistic right now, and believes that major indexes including the S&P 500 are technically indicating extreme favor to the upside.

Certain names like IBM [IBM Loading... () ] and Goldman Sachs [GS Loading... () ] are so oversold to a level way under their 200-day moving averages that it may make sense to start putting some money to work and taking up some positions.

Jeff Macke warns to be cautious on Goldman Sachs using Warren Buffett's recent stake as an example. He thinks it's possible the stock may go lower, and prefers to stay away.

Zachary Karabell thinks IBM will hold up better than most companies in this type of market.

Guy Adami added that IBM's international exposure, once a source of good news for the company, is something to be concerned about now.

Check Out These Other Posts

______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap! If you'd prefer to make a comment but not have it published on our website send your e-mail to .

Trader disclosure: On Nov.21, 2008, the following securities were mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; GE Is The Parent Company Of CNBC, Guy Adami Owns(C)(GS)(INTC)(MSFT)(NUE)(BTU)(AGU), Jeff Macke Owns (UUP)(MSFT)(WMT)(SDS)(DIS),Zachary Karabell Owns (MTW)(BRCM)(AAPL)(C)(CL)(FCX)(GLD)(GOOG)(JPM)(RIMM)(WFR), Karen Finerman's Firm Is Short (IYR)(IJR)(MDY)(IWM)(SPY)(RTH)(BBT)(VNO)(COF)(EGLE)(USO), Karen Finerman's Firm Owns (DSX)(MSFT), Joe Terranova Owns (DIS), Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd., Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO, Virtus Diversifier PHOLIO Owns (IGE)(DBC)(DBV),Virtus Investment Partners Owns More Than 1% Of (ABD)(ARE)(BIG)(CLB)(DLR)(EPR)(EXR)(MAC)(SLB)(SKT)(UA)(IGE)(DBC)(DBV),Virtus Investment Partners Owns More Than 1% Of Shares Of Corporate Office Properties Trust SBI MD,Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.,Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights

Tools:

Print Email

Previous Post Back to Main Page

RECENT POSTS

FAST MONEY FAVORITES

FAST MONEY FEATURES