FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the lastest show here.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a recap email every Friday after the show!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
] ended a 3-day losing streak and closed with modest gains on Thursday. The move wouldn’t be remarkable except the march into positive territory was triggered by catalysts that hardly seem bullish, at least to us.
The banking sector [XLF
Loading...
()
] climbed despite the spate of secondaries that seem sure to dilute shareholder value.
And the energy sector [XLE
Loading...
()
] closed in the green, even though the International Energy Agency (IEA) projected global oil consumption could fall this year at the fastest rate since 1981.
This fickle market is enough to drive anyone crazy. How on earth can you know what to expect? Who better to ask than strategic investor, Dennis Gartman.
“I expect the market will head lower for a while,” reveals the author of the Gartman Letter.
“I want to believe that this is a bull market and that the lows made over the last several months will be the lows for many years to come. But when you go up 35% in such as short span of time, of course we’re going to see some correction.”
Do the charts back up Gartman? Seems like a good time to turn to technical analyst Dan Fitzpatrick of StockMarketMentor.com.
“I agree with Dennis,” reveals Fitzpatrick. “I think we’ve hit the high for a while.
I’m watching the Dow Transportation Average [.TRAN
Loading...
()
]. It led the market higher and now it’s broken hard below the 20-day moving average. Right now it’s trading around support which is 3000. As long as that level holds I think the market is probably in good shape, short term.”
Fitzpatrick things the same holds true for the S&P.
"It’s also at a critical level at 875. And I think we’ve defined the trading range for what could be the rest of the year. I’m looking at 930 on the upside and 666 on the downside.”
Guy Adami plays for the same team. He says, "I (also) think the S&P heads lower. The path of least resistance is down."
What’s the trade?
Dennis Gartman has some ideas for you. “I’m long basic stuff,” he says. “I think investors should own copper and hedge that by shorting the broad market.”
- Your First Move For Friday November 27th
- Web Extra: Private Equity, Conviction Buy?
- Pops & Drops: Abercrombie & Fitch, Nucor...
- Giving Thanks: Seymour
- Your Questions About... Alcoa & The Dollar
- Best Wishes Regis
- Gartman's Annual Rules For Trading
- Chartology: December Outlook
- Holiday Toy Trades
- Steepest Black Friday Discounts, Revealed
______________________________________________________
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 May 14th, 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 (AGU), (F), (AAPL), (MGM), (NFLX), (GE), (SKF), (SDS), (WFC); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (CSCO), (PBR), (RIG), (UNH), (WFC); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (CROX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls
Data is a real-time snapshot *Data is delayed at least 15 minutes