Despite word to the contrary from the Fed, the charts suggest inflation is flaring up. With oil and gold breaking out how should you trade?
Oppenheimer's Chief Market Technician Carter Worth joins the panel for this conversation. Following is a summary of his main points.
Chart:Two year Oil
Analysis: Oil could be stuck at its current level, and not break higher, says Worth. I think it’s likely to continue to disappoint the oil bulls.
Chart: Two Year Weighted 100 Largest Utilities
Analysis: Inflation will probably begin to seep into the broader economy, explains Worth. That could hurt utility names and other interest rate sensitive stocks.
Chart: Five Year 100 Weighted 100 Largest Utilities
Analysis: Again, I’m looking for utilities to head lower, he says, which could drag down the rest of the S&P.
Chart: One Year Chart of both Weatherford (WFT) and Mittal (MT)
Analysis: The global growth story, however, could provide some opportunities. I think investors should check out Mittal Steal and Weatherford , counsels Worth.
For an in-depth analysis of the charts used in Carter Worth’s analysis please watch the video.
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Trader disclosure: On Feb.27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (XTO) Calls, (JEF) Calls, (CNET) Calls, (BIIB), (C), (CSCO), (MS), (MSFT), (XLF), (YHOO) Calls; Macke Owns (INTC), (DIS), (ATVI); Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (SHLD), (TSO);Seygem Asset Management Owns (INFY), (EWT), (AUO), (UMC), (TSM), Gazprom, Is Short (PBR); Finerman Owns (HD), (GS), (LOW); Finerman’s Firm Owns (FNM), (MSFT), (YHOO), (WMT), Is Short (IYR), (IJR), (IWM), (SPY), (MDY), (LEH), Finerman’s Firm and Finerman Own (FLS)
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