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Time To Get Off This Ride, Counsels Carter Worth

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Investors are struggling to figure out what’s next for stocks. Oppenheimer’s Carter Worth reveals what his charts suggest.

If you watch Fast Money regularly you know that Carter Worth has been somewhat bullish on this market. Well, hold you hats because he's changing his call.

Now, Worth tells us not to expect too much from this market over the next few weeks. He's grown cautious. “It’s time to get off this ride,” Worth says during the Fast Money Final Call. “Stocks have come too far too fast.”

Here’s why:

According to Worth, the preceding plunge in the S&P that we experienced in February and March has now been offset by the recovery of late March and April. That leaves the market at a place where it should stop and just go dead.

Symbol
Price
 
Change
%Change
S&P 500
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In addition, he doesn’t like the price action in Wal-Mart, Coke , or Johnson & Johnson ; “these bigger and thicker names aren’t participating.” In other words if the rally was sustainable the firms mentioned above would be green not red.

Instead Worth thinks the rally is being driven by indiscriminate buying and that won't last.

What’s the bottom line? I don't think there's forward progress from here. The next leg is sideways or down, says Worth. It time to get off the ride.


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Trader disclosure: On Apr 22th, 2009, 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); Seymour Owns (BAC), (EEM), (FXI), (TCK), (INTC), (FIC); Seymour Is Short (AAPL), (FCX), (POT); Finerman's Firm Owns (AXP), (RIG), (UNH), (TBT), (ELX); Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (C) Preferred; Finerman's Firm Owns(MSFT) & (MSFT) Put Spread; Finermans Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Najarian Owns (PALM); Najarian Owns (BX) Call Spread; Najarian Owns (MCD) & (MCD) Calls; Najarian Owns (MS) & (MS) Calls; Najarian Owns (RHT) Call Spread; Najarian Owns (RIO) Calls; Najarian Owns (VAR) Call Spread; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (ANR)

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