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Oppenheimer Asset Management Inc. 200 Park Avenue New York, NY 10166 Tel: 800-221-5588 Fax: 212-667-4959
 
“MONEY IN MOTION”TECHNICAL ANALYSIS & RESEARCH
A division of Oppenheimer Asset Management Inc.
Carter Braxton WorthChief Market Technician
 (212) 667-4324carter.worth@opco.com 
September 7, 2010
C.B. Worth – “Money In Motion”
 
 
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2
 
The
Bulls
out there right now are looking at the market and basically thinking this:
Source: Oppenheimer Asset Mgmt and Thomson Reuters
The
Bears
out there see things this way:
Source: Oppenheimer Asset Mgmt and Thomson Reuters
S&P 500S&P 500
TECHNICAL ANALYSIS
 
3
 
The
“market-is-fair-money/dead-money”
crowd (we ourselves are of this view) see the market like this:
Source: Oppenheimer Asset Mgmt and Thomson Reuters
So what to do?We’d say just let the “market” worry about itself for now. Don’t bother with the imponderable. Instead, spendthe remainder of the year in search of winners—winners due to a winning story, or a winning chart pattern, orwinning valuation, or winning yield in this low-yield/no-yield environment… winners (short or long) that offersomething beyond the impossible/imponderable subject of whether equities as an asset class in the autumnof 2010 are a good buy or not.As chartists, we confine the search for winners to charts.On the pages that follow we’ve singled stocks that, by our work, are winners.Group 1 is composed of stocks judged to be in the throes of
“Bearish-to-Bullish” Reversals 
… whose
 
bottoming-out formations are well defined and imply meaningfully higher prices in the weeks/months ahead.Group 2 is composed of
“Conventional” Buys 
… stocks at or just below well-defined intermediate tops
 
toying with the prospects of breakout-type moves above said tops.Group 3 is composed of
SELLs 
(of all types) with the majority of the names being: 1) stocks in the throes of
 
“Bullish-to-Bearish” Reversals 
(stocks judged to have taken on “rollover” casts); and 2)
“Rallies to Difficult Levels 
(heretofore weak stocks that have rallied hard of late and now are back up to levels whereoverhead supply comes into play and/or are back up to a declining smoothing mechanism (the 150-daymoving average).
S&P 500
TECHNICAL ANALYSIS
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