Fast Money

Monday - Friday, 5:00 - 6:00 PM ET
Fast Money

Up-Trend Is Broken, Says Carter Worth

He had been bullish, but Oppenheimer’s Carter Worth tells us something serious has happened in his charts.

Looking at the long term up-trend that had been in effect since March 2009 he says "we've broken that up-trend."

That's a problem because ”that’s what’s kept us on the long side for most of this time,” he says.

As a result the whole big picture is called into question.

Now the question becomes ”Is this a cyclical bull in a secular bear? Or is the secular bull in tact despite the damage? It’s anybody’s guess now.

Looking at the market from another angle, we had a six month advance but after the sell-off we’ve more or less unwound the entire QE2 run-up. That takes us back to pre-Jackson Hole 2010 levels.

And to make matters all the more severe “we’ve compressed all the gains in a matter of hours.”

Going forward Worth suspects that advances will probably be met with resistance.

And the technical damage likely reflects a damage to investor psychology. "I can't imagine anyone going out and saying I've got to find a mutual fund for myself," he says.

All told, we have a problem.

Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .

Trader disclosure: On Aug 10, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (CSCO); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns (JPM) and Finerman’s firm owns (JPM) stock and (JPM) leaps; Finerman’s firm owns (M); Finerman’s firm owns (MSFT); Finerman's Firm Is Short (IWR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (XRT); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Nathan owns (AAPL) call spreads; Nathan owns (BAC) put spreads; Nathan owns (CSCO) call spreads; Nathan owns Gold puts; Dennis Gartman is long the Yen; Dennis Gartman is long Gold; Dennis Gartman is long Crude Oil

For Brian Modoff
(CSCO) is an investment banking client of Deutsche Bank
Deutsche Bank has received non-investment banking compensation from (CSCO) this year. with wires