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'Fast Money' Recap - Technicals |
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Tuesday, 20 November 2007 |
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The stock market plunged Monday as investors continue to sell equities due to the latest disappointing housing data. The Dow closed down 218 points and the Nasdaq fell 43 points. The crew at CNBC's "Fast Money" pondered the fate of the market and called in technical analyst Louis Yamada for insight.
Karen Finerman sees storm clouds are everywhere and the Goldman downgrade of Citigroup really hurt the markets. In Guy Adami's opinion, this might be close to a bottom for the markets. Jeff Macke thinks that Wall Street decided on Monday that there's a recession coming. But for all that gloom and doom, Pete Najarian had a fun day trading. He also thinks the financial sector is in big trouble and he is extremely worried about General Motors which fell below $27.Technical Take with Louise Yamada Louise Yamada, a highly ranked technician on Wall Street, joined the "Fast Money" crew to discuss her analysis on the technicals of the market. Yamada is currently worried that the S&P 500 could break 1406, which would signal to her an end of the longer-term uptrend. She also mentioned that if the market can muster up a Santa Claus rally it will be a weak one. Yamada is still bullish on Cisco Systems and she would look to buy pullbacks on the name. Article from thestreet.com No one has commented on this article. |
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