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Did Gov't Intervention Mark Bottom?

With the markets gyrating like they have over the past several trading days, many investors are hoping that this bailout marks the bottom of the bear market.

Unfortunately, it probably doesn’t. That’s according to Oppenheimer chief market technician Carter Worth who says the charts aren’t looking too good.

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Price
 
Change
%Change
S&P 500
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Trends in both the S&P and NYSE charts suggest to Worth that we’re going to go “dead”. No new lows in the month or two ahead but no legitimate rebound, either. He calls it, "a clear case of apathy."

However, for those of you looking for a trade Worth has one.

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Price
 
Change
%Change
XTG
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Symbol
Price
 
Change
%Change
XTG
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Patterns in these Abbott Labs charts suggest it has breakout potential. Carter Worth says a move to the upside is “highly probable.”

For a closer look at Carter Worth's analysis please watch the video.

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Trader disclosure: On Sept 22, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Pete Najarian Owns (AAPL) And (AAPL) Puts; Pete Najarian Owns (ETFC), (MYL); Pete Najarian Owns (MS) And (MS) Puts; Pete Najarian Owns (RIMM) Call Spread; Pete Najarian Owns (TSO) Call Spread; Pete Najarian Owns (WB) Put Spread; Finerman Owns (GS); Finerman's Firm Owns (RIG), (PDE), (WM), (MO), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm Is Short (VNO), (WFC), (IYR), (IJR), (MDY), (SPY), (IWM), (BBT), (COF); Seymour Owns (AAPL), (COP), (ETFC), (MER), (TSO); Seygem Asset Management Owns (PTR), (EEV); GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"