On Thursday, investors again grew cautious and sent stocks lower with the Dow tumbling by triple digits.
Largely money pros worried that fundamentals had started to deteriorate, and a lousy jobs report or more bad economic data could send jittery investors running for the exits.
But Oppenheimer’s Carter Worth is convinced otherwise – he says the technicals suggest there are another 20 S&P handles on the upside.
”The high for the year was 1370 and then the market made a 20% plunge to 1120,” he says. And at that level the market found support.
“The next bounce has taken us halfway back,” he adds. And that’s significant because 1230 – about where the market is now – is also the November and April tops of last year.
The question becomes how much more bounce is left before the market runs out of gas. According to Worth it’s 1250.
Get all the details. Watch the video now!
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Trader disclosure: On September 1, 2011, 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 is long (AAPL) call spreads; Jon Najarian is long (JBL) call spreads; Jon Najarian is long (GLD) call spreads; Jon Najarian is long (FNSR) call spreads; Jon Najarian is long (CLWR); Jon Najarian is long (CCI); Jon Najarian is long (CIGX); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Pete Najarian owns (AAPL);’ Pete Najarian owns (C); Pete Najarian owns (HPQ); Pete Najarian owns (MS); Weiss owns (AAPL); Weiss owns (COP); Weiss owns (JPM); Weiss owns (QCOM); Weiss owns (DVN); Weiss owns (VZ); Weiss owns (TWM); Weiss owns (SDS); Weiss is short (X); Weiss owns (BTU)
For Brian Kelly
Accounts managed by Brian Kelly Capital own (TLT) options
Accounts managed by Brian Kelly Capital own (JJG) options
Accounts managed by Brian Kelly Capital are short (FXE) via options
Accounts managed by Brian Kelly Capital are short (SLV)
Accounts managed by Brian Kelly Capital are short (JJC)
Brian Stutland
Stutland Equities is a market maker holding positions in (VIX) futures and options and (VXX) stock and options
Stutland Equities holds hedged option positions in (SPX) and (SPY)
Carter Worth
**No disclosures
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