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Don't Be Fooled, Additional S&P Decline Coming: Pro Traders
07 Mar 2012 EST - CNBC.com
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On Wednesday, the Fast Money pros were trying to get a handle on the stock market's bounce – one day after its worst sell-off in three months.Although the S&P advanced, the gains were just a fraction of the previous session's declines.The action led traders to ask is there more sell-off coming? Or was the decline earlier in the week simply a bullish pull back?

“The bounce was nice, but I think it’s merely a brief reprieve,” says top technical analyst Abigail Doolittle. Patterns in the charts suggest to her that the market is about to make a sizable move lower – in fits and starts.

Doolittle points to the action in the Russell as a key tell. While other indexes marched higher in February the Russell moved sideways. “The Russell didn’t have the tailwind from Apple,” she explains. (In other words, Doolittle believes enthusiasm about Apple may have caused the S&P to overshoot to the upside. If her analysis is correct, it suggests markets are overbought.)

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