Chartology: Bear Bounce or Breakout?
Worth points out that this same action may be occuring right now, as the SOX has not trended downward to confirm new lows, just as it did in 2002-03.
Second, looking at the two key broker-dealers, Goldman Sachs and Morgan Stanley , the charts display movement that establishes new upward trends. These two names are particularly sensitive to sentiment, which must be differentiated from big banks like JP Morgan and Bank of America , which are not purely broker-dealers like Goldman Sachs or Morgan Stanley.
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Trader disclosure: On Mar. 12th, 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); Najarian Owns (COF) Call Spread, (FCX) Call Spread, (GDX), (GS) Call Spread, (GLD) Put Spread, (GE) Calls, (JPM) & (JPM) Calls, (MS) & (MS) Calls, (MSFT), (X) Call Spread, (XHB) Call Spread; Seymour Owns (AAPL), (T), (BAC), (EEM), (FXI); Finerman's Firm Is Short (IJR), Short (IWM), Short (MDY), Short (SPY), Short (USO), Owns (MSFT), (DNA) Calls, (BAC) Preferred, (WFC) Preferred, (WFC) Preferred, Short (BBT), Owns (RIG), Owns (PBR); J. Najarian Owns (MS), (WFC), (COF), (FAS), Is Short (SKF)