Out Fox The $treet

Widely followed technical analyst Carter Worth of Oppenheimer was on Fast Money last night. He has consistently for awhile now been bullish on a breakout of the market once the current range is broken. The major reason is that the market spent 7 months in this range back in 2008 before finally breaking down. Now the market has spent nearly 7 months in the same range and the normal outcome would be the opposite of the last time it spent time in this range. Logically it makes sense that numerous funds are exciting positions that they have held for the last 3 years. Once they are done and the market breaks out or down the move will likely be strong. Clip with Carter Worth:

The stock market has been up huge since September 1st and now stands at the yearly highs in April. Will the market break to new highs? Do we want it to break on through? Great comments from Carter Worth on Fast Money last night. Carter is a charting expert that regularly appears on TV so its interesting to see his comments on how it's better for the market to rest for a few weeks before breaking higher.  That plays well into our theory that the market will reach new highs by year end, but a pause in the rally would be very healthy.