The stock market experienced its worst start to the new year since 1932. When will it turn around? Find out what the charts suggest.
Brown Brothers Harriman technical strategist Andrew Burkly joins the panel for this conversation. Following us a summary of his main points.
Overall, Burkly is positive on the market. In fact he sees stocks heading to another all time high in 2008. However, he thinks the next real buying opportunity will not be until the spring, and that most of this year's gains will come in the second half.
In addition Burkly believes…
- the commodity bull market remains intact and he predicts gold will rise above $875 to make an intraday record in 2008.
- energy stocks will be the best performing sector for the 4th year in a row
- health care stocks will make bullish moves
- financials will make bearish moves
How do you trade it?
Long energy and short financials says Pete Najarian.
For more on Burkly’s technically analysis and an in-depth look at his charts please watch the video.