Carter Worth, chief market technician at Oppenheimer Asset Management, joins Dylan for the Fast Money Final Call during Wednesday's "Closing Bell." He called for a rally all month and we've been in one -- despite today's 3% drop in the Dow. What trends does he see coming next?
There are two tendencies common during this part of the year, Worth notes: 1) Out of the last 15 days of the year, 3 out of 4 were up, going back the last 50-60 years. Drift up. 2) Low-price stocks outperform in January consistently. Oppenheimer is "loaded up" in these stocks that have had the most capitulation.
As far as selling, Worth suggests going against "consumer discretionary names," i.e., retailers, which have had just "quick pops" like Best Buy. "Sell against" these, he advises.
Got something to to say? Send us an e-mail at email@example.com 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 those e-mails to firstname.lastname@example.org.
Trader disclosure: On Dec. 10th, 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 (DIS), (WMT), (MSFT), (MCD); Seymour Owns (AAPL), (BAC), (ETFC), (F), (MER), (CX); Seygem Asset Management Owns (FXI); Finerman's Firm Owns (MSFT); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (USO), (BBT), (VNO), (SPG), (COF), (FDO); Najarian Owns (ETFC), (CIEN); Najarian Owns (DRYS) And Is Short (DRYS) Calls; Najarian Owns (STX) Calls; Najarian Owns (UYG) Calls
GE Is The Parent Company Of CNBC: NBC Universal Is The Parent Company Of CNBC: Charles Schwab Is A Sponsor Of "Fast Money"
Piper Jaffray Is A Market Maker In (AAPL)
Piper Jaffray Is A Market Maker In (GOOG)
Piper Jaffray Is A Market Maker In (YHOO)
Piper Jaffray Is A Market Maker In (AMZN)
Piper Jaffray Is A Market Maker In (EBAY)
CIBC Gartman Index Owns Natural Gas And Is Short Crude Oil
CNBC.com with wires