If you watch Fast Money regularly you might remember that Oppenheimer chief market technician Carter Worth was one of the first analysts to call a bottom.
In October he told us that the market had experienced capitulation and that “massive volume in over-sold names suggest we have touched a bottom.”
And then on November 13th he said, “The market is in the throws of pricing in all the bad news that’s coming. It’s in a process of stabilizing and healing.”
He recommended being all in, on the long side. “It’s right to take the road less traveled. I think one is better served by buying and not selling.”
But since those interviews the S&P broke key technical levels so we were wondering if he’d changed his mind.
Not really. Worth tells us he does not expect to see sharp new lows.
He also said that because we've breached the lows of Oct. 10, in the short term, the market will be directionless. “The capitulation phase of the bear market is over. Now we’re heading into the apathy phase,” he says. “We’re stuck in a range with 990 being the top and 790 being the bottom.”
In case you’re looking for some buys he likes the patterns in the charts of Campbell’s Soup and Bristol Myers.
To see carter Worth's complete technical analysis please watch the video.
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Trader disclosure: On Nov.24, 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 (UUP), (WMT), (MSFT); Macke Is Short (TM); Seymour Owns (AAPL), (BAC), (ETFC), (F), (MER); Seygem Asset Management Owns (VIP); Finerman's Firm Owns (DNA) Calls; Finerman's Firm Owns (DSX), (MSFT), (XLF); Finerman's Firm Is Short (USO), (GNK), (EGLE), (BBT), (COF), (IYR), (IJR), (MDY), (SPY), (IWM), (RTH); Terranova Owns (DIS)
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