I’m watching the Dow Transportation Average . It led the market higher and now it’s broken hard below the 20-day moving average. Right now it’s trading around support which is 3000. As long as that level holds I think the market is probably in good shape, short term.”
Fitzpatrick things the same holds true for the S&P.
"It’s also at a critical level at 875. And I think we’ve defined the trading range for what could be the rest of the year. I’m looking at 930 on the upside and 666 on the downside.”
Guy Adami plays for the same team. He says, "I (also) think the S&P heads lower. The path of least resistance is down."
What’s the trade?
Dennis Gartman has some ideas for you. “I’m long basic stuff,” he says. “I think investors should own copper and hedge that by shorting the broad market.”
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Trader disclosure: On May 14th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (AGU), (F), (AAPL), (MGM), (NFLX), (GE), (SKF), (SDS), (WFC); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (CSCO), (PBR), (RIG), (UNH), (WFC); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (CROX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls