Stocks rallied on Tuesday, after Monday’s 4% sell-off spooked some traders, but only a look at the charts can give perspective on the state of the rally. For this, the traders are looking to the SPDR S&P 500 ETF chart, with a little insight from Scott Redler, Chief Strategic Officer from T3Live.com.
After stocks broke a 6-week uptrend in the market, bears may have an opportunity to sink their teeth in and say that we need a retracement, says Redler. With some modest retracement numbers, he lays out some key points in the chart that investors should be looking at in order to time some market movement. Check out the video for some specifics!
But how about some financials? Redler sees Goldman Sachs as a great trade that has also had some great moves. At this point, he feels as though much of the movement has already been made, and has identified an entry point for the stock around the $100-105 area, where he would be a buyer. Jeff Macke and Karen Finerman are also in agreement that to get into Goldman Sachs, the price would have to drop nearer to 100.
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Trader disclosure: On Apr 21st, 2009, 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 (AAPL), Macke Owns (GS), Macke Owns (WMT), Macke Owns (WFC), Macke Owns (GE)
Adami Owns (AGU), Adami Owns (BTU), Adami Owns (C), Adami Owns (GS), Adami Owns (INTC), Adami Owns (MSFT), Adami Owns (NUE)
Seymour Owns (AAPL), Seymour Owns (BAC), Seymour Owns (EEM), Seymour Owns (FCX), Seymour Owns (FXI),Seymour Owns (TCK)
Finermans Firm Is Short (IJR), Finermans Firm Is Short (MDY), Finermans Firm Is Short (SPY), Finermans Firm Is Short (IWM), Finermans Firm Is Short (USO), Finerman's Firm Owns (AXP), Finerman's Firm Owns (BAC) Preferred, Finerman's Firm Owns (C) Preferred, Finerman's Firm Owns(MSFT) & (MSFT) Put Spread, Finerman's Firm Owns (PBR), Finerman's Firm Owns (ELX),
J Najarian Owns (AXN), J Najarian Owns (MEDX), J Najarian Owns (CERN)
Sanford Bernstein Owns (AAPL), Sanford Bernstein Owns (HPW), Sanford Bernsteinn Owns (IBM), Sanford Bernstein Has Had (AAPL) Has A Client