Stocks are retreating Thursday after four days of gains. Is the market just resting, or has this rally run out of gas?
Where do you think the market goes next?
If you look at the Dowchart, it made a head and shoulders formation and from a technical standpoint, that suggests to me it’s going to break lower says Brian Schaeffer, Managing Director at Van der Moolen, and Fast Money contributor.
I think in about two weeks we’ll be asking one another if the Dow at 12,000 will hold.
But it’s not just technicals that I don’t like, Schaeffer says. Look at the fundamentals – not only are there write-downs from financials but Sprint is expecting to write-down, as well.
What’s your trade?
I recommend shorting the market with the UltraShort QQQ ProShares because tech stocks will probably see some profit taking.?
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