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Fast Forecast

Monday, 29 Jun 2009 | 5:55 PM ET

Stocks are looking to close out the quarter with their best quarterly rally since 1998. Will momentum continue into the third quarter? For insights, we asked technical analyst Greg Troccoli. Here's a recap of what he told us.

S&P 500

The rain ended in the Northeast just last week but we put the umbrellas away on Wall Street three months ago back in March when the stock market put in its low, says Troccoli. That's right, he thinks the multi-year low is in.

So what's the next move? In the near term, patterns suggest sideways price action.

  Price   Change %Change
S&P 500
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Oil

It's been a rollercoaster drop for crude oil from $140 down to $30 dollars a barrel over the past 12 months.

Now oils is trading at $70; in the near-term I think oil muddles back and forth just like equities because both are joined at the hip. However if oil breaks above $72 then technicals suggest it moves higher.

To see Greg Troccoli's complete Fast Forecast please watch the video.

Fast Forecast
The weather meets the market.



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Trader disclosure: On June 29th, 2009, 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 (C), (GS), (BTU), (AGU), (INTC), (MSFT), (NUE); Seymour Owns (AA), (AAPL), (BAC), (BX), (EEM), (FXI), (INFY); Seymour's Firm Owns (QCOM), (NOK), (EEM); Terranova Owns (TER), (RIMM), (MSFT), (XBI), (MS), (ABT); Finerman Owns (RIG), (ELX); Finerman's Firm Own (NOK), (PBR), (RIG), (TBT), (ELX), (HPQ); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Is Short (IJR), (IYR), (MDX), (SPY), (USO)

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