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Is the Bull Market Back & Intact?

If you’re looking for a whoosh lower, top ranked analyst Jeff DeGraaf of Renaissance Macro Research doesn’t think you’ll see it.

He says “credit is often a leading indication of how severe a downturn will be.”

And he explains that although credit default swaps in the US have contracted a bit, the move is minor when compared to the spring of last year.

“Most of the time when there’s a correction in the equities market without a corresponding shakeout in credit it’s not anything worse than that -- a correction.”

However that’s not to say the market isn't without headwinds.

Looking at the the put / call ratio DeGraaf does not see a “foundation for a meaningful durable move higher.” And DeGraaf is downright bearish on technology. "Tech is done for the foreseeable future." he says.

Get all the details. Watch the video now!


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Trader disclosure: On March 21, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami is long (AGU); Guy Adami is long (C); Guy Adami is long (GS); Guy Adami is long (MSFT); Guy Adami is long (NUE); Guy Adami is long (INTC); Guy Adami is long (BTU); Steve Cortes is long (TM); Steve Cortes is long (GS); Steve Cortes is long (CSX); Steve Cortes is long (SDY); Steve Cortes is long (SO); Steve Cortes is long (S); Steve Cortes is long Crude Oil; Steve Cortes is short (F); Steve Cortes is short (C); Steve Cortes is short (UNP); Steve Cortes is short (SPY); Steve Cortes is short (DBA); Steve Cortes is short Wheat; Steve Cortes is short Soybeans; Steve Cortes is short AUD/USD; Steve Cortes is short CAD/USD; Steve Cortes is short EUR/USD; Tim Seymour is long (T); Tim Seymour is long (CCJ); Tim Seymour's firm is long (POT); Stephen Weiss is long (MSFT); Stephen Weiss is long (VZ); Stephen Weiss is long (QCOM); Stephen Weiss is long (CF); Stephen Weiss is long (JPM); Stephen Weiss is long (FAS); Stephen Weiss is long (HBAN); Stephen Weiss is long (HPQ); Stephen Weiss is long (MEE); Stephen Weiss is long (CNX); Stephen Weiss is long (DVN); Stephen Weiss is long (COP); Stephen Weiss is long (HK)

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