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Chartology – Sell Rally Buy Commodities Dip?

You know what the momentum guys are doing but how do the chart-watchers recommend trading?

The best way to play this market may be to go against the grain, according to Oppenheimer chief market strategist Carter Worth. He’s recommending three contrarian plays.

Oil

You might have hear analysts on CNBC say that oil is heading down to $80, but not Carter Worth. This chart suggest to him that oil has reached a fairly major rebound point. “It’s a better buy than sell,” Worth counsels.

iShares S&P GSCI Commodity-Indexed

Worth’s thesis is pretty much the same for the ag names. Here he literally recommends going against the grain and getting long commodities.


CurrencyShares British Pound Ster. Trst



If you’re looking for a short-sell than look no further than the chart of the CurrencyShares British Pound Ster. Trust. Worth feels the chart has “topped out” and speculates that Britain’s currency is heading for “substantial new lows.”




















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