It appears that investors are no longer paying attention to the fundamentals of the market.
Instead investors are keyed into the technicals. What do they suggest lies ahead? Few chartists are more accurate that Oppenheimer’s Carter Worth.
He tells us it's all about the 150-day moving average - also known as the smoothing mechanism. "If it's rising we're in a bull phase and if it's in decline we're in a bear phase," he says.
And earlier this week it turned down.
"Just as it was quite clear we were in a bull phase last year that bull phase is now over," he tells us.
So where are we headed? Check out his forecast. Watch the video now!
Fast Money EP John Melloy writes at length about the disconnect between the fundamental analysis and the technical analysis.
> Click here to read "Shocking Disconnect Between Market & Fundamentals"
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Trader disclosure: On May 19 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Jon Najarian owns (GS) puts; Jon Najarian owns (JPM) puts; Jon Najarian owns (XLF); Jon Najarian owns (SPY); Jon Najarian owns (NYX) and (CME); Jon Najarian owns (NYX) and (CME) puts; Jon Najarian owns seats on NYSE, CME & CBOE; Grasso Owns (BP), (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (CVGI), (JPM), (PRST), (PFE), (BA), (T), (CSCO), (X); Najarian Owns (AMD) Calls; Najarian Owns (C) Calls; Najarian Owns (CAT) Call Spread; Najarian Owns (DELL) June Calls, Is Short (DELL) May Calls; Najarian Owns (HPQ), Is Short (HPQ) Calls; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (MCD) Call Spread; Najarian Owns (NOVL) Calls; Finerman's Firm Is Short (IJR), (MDY), (IWM), (SPY); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman Owns (GOOG); Finerman's Firm And Finerman Own (HPQ); Finerman's Firm Owns (JPM), (JPM) Calls; Finerman Owns (JPM); Finerman's Firm Owns (TJX); Finerman Owns (WFC) Preferred; Finerman's Firm Owns (YUM); Terranova Owns (PFE), (GLD); Cortes Is Long Euro; Cortes Is Long Crude Oil; Edwards owns (VXX)
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