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Reading The Charts For Fed Clues

Will the Fed's rate announcement Wednesday send stocks higher or lower? See what the charts say!

Dan Fitzpatrick, Contributor & Technical Analyst joins the panel for this conversation. Following is a summary of his main points.

Chart:S&P 500 

Analysis: Immediately after the Fed announcement on Wednesday I expect a 'sell on the news' dip, says Fitzpatrick. It looks like a 25 basis point rate cut is priced in, technically.



Analysis: The chart action suggests to me that Google is a buy at current levels, says Fitzpatrick. I think GOOG could go to $630.


Chart:Research in Motion

Analysis: Trends in this chart suggest to me that RIMM is a buy, says Fitzpatrick.


Traders what do you think of the analysis?

The S&P chart looks troubling to me, says Tim Seymour. I also expect it to give back after the Fed decision.

Fast Money Chartology

I like Google, exclaims Jeff Macke.

For further details on Dan Fitzpatrick's technical analysis please watch the video.

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Trader disclosure: On Apr. 28, 2008, 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 (MSFT), (DIS), (INTC), (ATVI); Seymour Owns (AAPL), (EEM), (F), (HAL), (INTC), (MSFT), (TSO), (DUG); Seygem Asset Management Owns (GFA), (PBR); Finerman's Firm And Finerman Own (FLS), (HD), (KALU); Finerman's Firm Owns (MSFT), (NOK), (SUN), (TSO), (VLO); Finerman's Firm Owns A Bullish Call Spread In (YHOO) And Owns (YHOO) Stock; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (COF); Finerman's Firm Is Short The British Pound; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC

Fitzpatrick Owns (GOOG), (RIMM), (DE)