CNBC Fast Money Guest: Carter Worth Chief Technical Analyst at Oppenheimer
We blew through the lows of 2004.....basically puts us back into a decent support area.
Carter is making a call that we are in capitulation phase of the latest decline and is calling for a rebound. S&P 500 has declined 17% on this recent leg down, just like the previous two legs down this year.
Carter made the case on Fast Money tonight for a temporary rebound in the US markets.
Carter Worth has been dead on calling the market declines over the past few years.....hes debated it live with people completely disagreeing with him like day and night.
For more Technical Charts...visit http://blackberrystocks.com/charts.html
Monday, October 6, 2008
Stock Market Reversal 10/06/08 - AAPL, MELI, GOOG
This afternoon, the Dow Jones reversed 500 points off its low in about an hour after hitting 9,525.
One of the first stocks to reverse on my watchlist was MercadoLibre ( MELI ) which started reversing well before everything else reversed.
Apple Computer ( AAPL ) showed the most strength for a large cap stock and Google ( GOOG ) was a laggard, still down more then 4% on the day.
Mastercard ( MA ) followed right behind Meli showing major strength.
The Dow Jones is set to close back over 10,000 at 10,015
http://blackberrystocks.com
http://blackberrystocks.com/hotstocks.html
One of the first stocks to reverse on my watchlist was MercadoLibre ( MELI ) which started reversing well before everything else reversed.
Apple Computer ( AAPL ) showed the most strength for a large cap stock and Google ( GOOG ) was a laggard, still down more then 4% on the day.
Mastercard ( MA ) followed right behind Meli showing major strength.
The Dow Jones is set to close back over 10,000 at 10,015
http://blackberrystocks.com
http://blackberrystocks.com/hotstocks.html
Dendreon ( DNDN ) Provenge Study
Markets are tanking....but Dendreon DNDN shares are up 33% today because the company says they will release their final study on Provenge in about 8 months.
Dendreon Corp. (DNDN) said an interim analysis of a late-stage study shows its Provenge prostate-cancer therapy shows a 20% death-risk reduction compared to placebo.
President and Chief Executive Mitchell H. Gold said the findings, similar to those seen in prior phase 3 trials, should be finalized in mid-2009.
The study was ordered in May 2007 after the Food and Drug Administration requested more data to support the drug's proposed efficacy claim. An FDA advisory panel had voted Provenge had proven itself safe and effective.
Dendreon has been looking to get Provenge approved as a treatment for asymptomatic men with advanced prostate cancer who have stopped responding to hormone treatment. The drug is a departure from other approved cancer therapies in that it acts by stimulating the body's immune system to fight cancer using the patient's own white blood cells.
http://blackberrystocks.com/hotstocks.html
Dendreon Corp. (DNDN) said an interim analysis of a late-stage study shows its Provenge prostate-cancer therapy shows a 20% death-risk reduction compared to placebo.
President and Chief Executive Mitchell H. Gold said the findings, similar to those seen in prior phase 3 trials, should be finalized in mid-2009.
The study was ordered in May 2007 after the Food and Drug Administration requested more data to support the drug's proposed efficacy claim. An FDA advisory panel had voted Provenge had proven itself safe and effective.
Dendreon has been looking to get Provenge approved as a treatment for asymptomatic men with advanced prostate cancer who have stopped responding to hormone treatment. The drug is a departure from other approved cancer therapies in that it acts by stimulating the body's immune system to fight cancer using the patient's own white blood cells.
http://blackberrystocks.com/hotstocks.html
Pre Market Trading - Stock Market 10/6/08
Another ugly day is in store for the US Stock Markets. Wall St does not like the material in the bailout plan as well as further credit tightening in Europe. The Russian stock market has halted trading for the second time today as that market has been plunging.
Dow Sub 10,000? At this point, it would almost seem as though we will test below 10,000 on the Dow Jones just to see whats there. Will buyers step up to the plate? Yes, we are in a vicious bear market, but we are deeply oversold and stocks don't go straight down without bouncing.
Stocks to Watch - Apple ( AAPL ) - Yes there will be slower sales in the coming year, but Apple is sitting on 21 billion in cash while their market cap is only 84 billion. First Solar( FSLR )..great earnings...many people think Solar stocks are tied to Oil prices....they are wrong. Solar stocks are tied to electricity prices. Biggest mistake investors make, selling a solar stock because oil is going down.
Dow Sub 10,000? At this point, it would almost seem as though we will test below 10,000 on the Dow Jones just to see whats there. Will buyers step up to the plate? Yes, we are in a vicious bear market, but we are deeply oversold and stocks don't go straight down without bouncing.
Stocks to Watch - Apple ( AAPL ) - Yes there will be slower sales in the coming year, but Apple is sitting on 21 billion in cash while their market cap is only 84 billion. First Solar( FSLR )..great earnings...many people think Solar stocks are tied to Oil prices....they are wrong. Solar stocks are tied to electricity prices. Biggest mistake investors make, selling a solar stock because oil is going down.
Subscribe to:
Posts (Atom)
