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Is Fickle Market Driving You Crazy?
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] 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
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] climbed despite the spate of secondaries that seem sure to dilute shareholder value.
And the energy sector [XLE
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] 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
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]. 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.”
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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
