Market Breakout?

The economy may be heading south, but will stocks tumble along with it? One renowned chart expert reveals why a significant market bottom might be coming into place.

Brown Brothers Harriman financial markets strategist Andrew Burkly joins this panel for this conversation. Following is a summary of his main points.

Trends suggest to me that the S&P 500is very close to completing a 10-week bottoming process, explains Burkly. I expect it to break out above 1,390. At the same time watch the Vix. A breakdown should confirm an S&P 500 breakout, he says.

And on a technical basis the Oil and Gas Driller Index looks very strong, he adds. I see a nice steady uptrend there.

Traders, what do you think?

The stock market is hardly breaking out, counters Jeff Macke. It’s just muddling along.

If you’re looking for an energy play, I like Halliburton , Schlumberger and the oil services sector, counsels Guy Adami.

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Trader disclosure: On Apr .9, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (AMR), (BIIB), (CSCO), (NOK), (TSO), (XLF), (YHOO), (EMC), (WLT); Najarian Owns (CHK) Calls, (COP) Calls, (MSFT) Calls, (SLB) Calls; Najarian Owns (LEH) Puts, (OIH) Puts; Macke Owns (YHOO), (INTC), (DIS), (MSFT); Seymour Owns (AAPL), (BX), (CHL), (CSCO), (INTC), (MSFT), (SBUX), (TSO), (TIE); Seygem Asset Management Owns (COP)