Technicals Suggest ‘Assault on 2007 Peaks’

Historical indicators are improving enough that this week’s stock lull might represent a pause before a possible return to 2007 highs, technical analyst Louise Yamada said Tuesday on CNBC.

“The moving averages are rising, so I think you probably have the possibility here for an assault on the 2007 peaks,” she said on “Fast Money.”

“It looks as though we have a little bit farther to go, so we accept the rally. We think the Fed has probably fueled a hot-air balloon, if you will,” said Yamada of Louise Yamada Technical Research Advisors.

“It could go a little bit farther, and what we’re getting this week is perhaps just a little pause prior to moving up.”

Trader disclosure: On Sept. 18, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Dennis Gartman is long GOLD; Dennis Gartman is long WHEAT; Dennis Gartman is long SOYBEANS; Dennis Gartman is long CS; Dennis Gartman is long AG; Dennis Gartman is short YEN; Dennis Gartman is short EURO; Karen Finerman is long AAPL; Karen Finerman is long BAC CALL SPREADS; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GM; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDY; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MSFT; Keith McCullough is long GLD.

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