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Fast Forecast: S&P, Oil, & More

It seems like we're having blue chip weather everywhere in the Northeast, well everywhere but Wall Street.

S&P 500

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S&P 500
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Looking at the Fast Forecast Greg Troccoli of Opalesque says, “after an 8 week consolidation, the market’s have been turning over even more as of last Thursday.” And he fears storm clouds are on the horizon. We could go from a cloudy day to a rainstorm if the S&P closes below 874, he says.

Crude Oil

At this point, there is a mixture of sun and clouds for the crude oil market. According to Troccoli, “we are turning over a little bit, we’ve traded down $9 a barrel in the last week and a half…really following the coattails of the equities market.” Troccolo does not expect crude to get below $55 but says it has the potential to move from $68 to a $58 pretty quickly.

Japan

Turning attention to overseas markets, Troccoi looks at the Nikkei index which he calls “a great downward ski slope. 10,500 has been resistance. And 8,800 should hold as support.”


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Trader disclosure: On July 7th, 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 (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Is Short (BAC); Finerman Owns (RIG), (TBT); Finerman's Firm Owns (FCN), (MSFT), (NOK), (PBR), (RIG), (TBT), (WMT), (PLCE); Seymour Owns (AA), (AAPL), (BAC), (BX), (EEM), (FXI), (F), (NUE); Seymour's Firm Owns (MBT); Seymour's Firm Is Short (PBR), (PTR); Najarian Owns (COST), (DNDN), (GS), (MS), (V), (WFC), (HK); Najarian Is Short (NVDIA); Najarian Owns (AAPL) Calls

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