Things are looking up right now. The Dow closed higher by nearly 400 points. Financials were strong. Is this the beginning of something new? Maybe, Oppenheimer’s Chief Market Technician Carter Worth said on CNBC’s Closing Bell. But maybe not.
Worth, who has been remarkably accurate in calling this market's moves on Fast Money since last fall, said that he sees no point in rushing in to buy, even after the euphoria of Tuesday’s huge rally. Those who make the first move don’t always have the advantage, he said. In fact, these days you’d be more likely to become “the guy with the arrow in his chest lying dead on the side of the road.”
The better move? Take a ‘wait and see’ approach, Worth advised. Maybe go ahead and lighten up on the shorts but don’t go hog wild thinking this is the end of the market's woes. Even if this does mark a major bottom, Worth said, remember that bottoms take time.
Got something to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to email@example.com.