Technician Craig Johnson: Last Bull Standing - Still Positive on This Market

Jim welcomes back Craig Johnson CMT CFA, Principal and Senior Technical Research Analyst at Piper Jaffray. Craig maintains that the current market weakness is a correction within the context of a long-term secular bull market, and remains positive, keeping his target high of 2350 for the S&P 500 in 2016. He notes that the average stock has sold off 20%+, and believes most of the damage is already done. They also discuss the current correlation between the market and oil, which Craig believes will break. He mentions the charts show that oil could drop to as low as $14 a barrel. Craig continues to favor the technology, financial and health care sectors. Also in this segment, Ryan Puplava has this week’s Market Wrap-Up and Kurt Wulff covers the energy markets with Jim.