Will brutal bank earnings cause the stock market to fall back to its August credit crunch lows? And what do the charts say about this earnings-fueled sell-off?
Oppenheimer Chief Market Technician Carter Worth joins the panel for this conversation. Following are excerpts.
Worth shows the panel a chart of the stock exchanges from the G7 nations and says the pattern suggests to him that there might be more trouble ahead. On a technical basis Worth thinks the S&P is ready to roll over. “We appear to be headed for a global recession," says Worth.
For more of Carter Worth’s technical analysis of the markets watch this video.
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Trader disclosure: On Oct 24, 2007, 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 (DIS), (INTC), (ATVI), (YHOO) (EMC); Najarian Owns (C), (DISH), (EMC), (MSFT), (YHOO), (SNDK), (GOOG); Finerman Owns (GS); Finerman's Firm Owns (ASD), (BIIB), (CTX), (MSFT), (NYX), (NMX), (TGT), (WMT), (PLCE), (MO), (C); Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm And Finerman Own (HD), (C), (FLS), (KALU)