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Next 10 Days Could Signal S&P 2012 High: Pro

Monday, 22 Oct 2012 | 5:52 PM ET

The stock market could top out for the year in the next 10 to 12 trading days, technician Tom DeMark said Monday on CNBC.

On "Fast Money," he said that he was looking for the S&P 500 to hit 1,478.03 to 1,485.33, which would signal a top for 2012.

Next 10 Days Could Signal S&P 2012 High: Pro
Stocks could hit the high for the year in the next 10 to 12 trading days, technician Tom DeMark says.

"The overall trend of the market is definitely down, and we're going to see a very long, extended decline. We made the highs for the year," he said.

"With the environment we're in, we can see this spike up. I don't know if it's going to be a catalyst such as the debate, possibly the election, but you'll see a sharp move upside, according to our work," he added. "We're operating against a trend, which we don't like to do."

Trader disclosure: On Oct. 22, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; 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 M; 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 FCX; Jon Najarian is long AAPL; Jon Najarian is long GS; Jon Najarian is long JPM; Jon Najarian is long FB; Jon Najarian is long NFLX; Jon Najarian is long BTU; Jon Najarian is long SLV; Jon Najarian is long GLUU; Jon Najarian is long STII; Jon Najarian is long CME; Jon Najarian is long CBOE; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW; Scott Nations is long BAC; Scott Nations is long C; Scott Nations is long BAC CALLS; Scott Nations is long SPY; Scott Nations is long VIX; Dennis Gartman is short CRUDE OIL.

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