Will brutal bank earnings cause the stock market to fall back to its August credit crunch lows? And what do the charts say about this earnings-fueled sell-off?
Oppenheimer Chief Market Technician Carter Worth joins the panel for this conversation. Following are excerpts.
Worth shows the panel a chart of the stock exchanges from the G7 nations and says the pattern suggests to him that there might be more trouble ahead. On a technical basis Worth thinks the S&P is ready to roll over. “We appear to be headed for a global recession," says Worth.
For more of Carter Worth’s technical analysis of the markets watch this video.