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.