Chartology: What Do The Charts Say?


Will the financials continue to drag down the broader market? Technical analyst John Roque of Natexis Bleichroeder consults his charts. What will they reveal?

Here’s a summary of John Roque’s main points.

- The slope of the average of the S&P suggests it will go higher.

- Charts of the S&P Financials Index suggest trouble in the space. Leave them alone, Roque says

- The trend for commodities, especially oil and gold, is up.

- The Newmont Mining (NEM) chart suggests the stock could climb to $80.

For an in-depth look at John Roque’s charts and his analysis please watch this video.

S&P 500

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Trader disclosure: On Nov. 5, 2007, 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 (ATVI), (YHOO), (DIS), (HAS); Najarian Owns (CY); Najarian Owns (BIDU) Options, (C) Options, (GOOG) Options, (GS) Options, (VMW) Options, (WIND) Options,Najarian Owns (YHOO) Options; Finerman Owns (ASD); Finerman's Firm Owns (GE), (MO), (TWX), (TYC), (CMVT), (YHOO); Finerman's Firm Is Short (MDY), (IJR), (MER); Finerman's Firm Owns (CROX) Calls; Finerman's Firm Owns (MSFT) Options; Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Fienrman's Firm Owns (C) Options, Finerman Owns (C); Finerman's Firm And Finerman Own (GS), (HD), (KFT); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; NBC Universal Is The Parent Company Of CNBC; GE Is The Parent Company Of CNBC

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