Top tech strategist turns bullish; Facebook a circus freak?


"Up until yesterday we had been bearish risk assets," says BAML head of global technical strategy MacNeil Curry. "Yesterday's [S&P 500] close above 1,823 says that view is WRONG and that the larger uptrend has resumed."

The recent rally, he says, sets the market up for a test of the highs at 1,850 and perhaps the long-term channel of 1,872.

"We had the impulse of decline from the highs of 1,850, fairly negative seasonals, and a pretty sharp deterioration of breath. With all of that, I was pretty confident we would head lower and probably take a run at 1,711. ... That we've then reversed as hard as we have and started to trade quite bullishly says I'm wrong ... [it's] really frustrating ... this is the nature of the biz."

Fast Money fave Carter Worth, however, is staying bearish. The S&P 500 may have bounced, he says, but big names such as Home Depot, Citigroup, and Starbucks continue to roll over. "The only way the S&P stays in an uptrend is that you have these steep circus freaks like Facebook. But it's the message of parts deteriorating that I think is the important thing."

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Comments (6)
  • berniespear
    , contributor
    Comments (251) | Send Message
     
    i was bearish until the market came up and then i was bullish and when it goes down i will be bearish again until i am bullish
    14 Feb 2014, 04:05 PM Reply Like
  • wishfullthinkin
    , contributor
    Comments (83) | Send Message
     
    I'll stick with Carter Worth as he is right on his projections almost always.
    14 Feb 2014, 04:59 PM Reply Like
  • vgatahvi
    , contributor
    Comments (103) | Send Message
     
    I like Carter...but...if you had followed him the last year...

     

    Carter Worth Calls S&P 500 'Dead Money, Jan 2013
    http://bit.ly/1iZg7qt

     

    I guess he'll be right sooner or later, and they'll call him brilliant.
    15 Feb 2014, 12:46 PM Reply Like
  • timsabin
    , contributor
    Comments (72) | Send Message
     
    It is said that a correction is right around the corner when the last bear turns bullish. That hasn't happened yet, so the market will probably continue to go up. Of course, I could be totally wrong. You never know.
    15 Feb 2014, 01:10 PM Reply Like
  • awakeinwa
    , contributor
    Comments (670) | Send Message
     
    when somebody name calls, he speaks from position of weakness
    15 Feb 2014, 05:22 PM Reply Like
  • alkmaar
    , contributor
    Comments (30) | Send Message
     
    "... steep circus freaks like Facebook."

     

    Well said.
    16 Feb 2014, 12:02 PM Reply Like
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