Oppenheimer Technical Analyst Says Lows of the Year in for S&P 500

Oppenheimer's Carter Worth is betting the S&P 500 marked a 2011 bottom last week when the index fell to as low as 1,101.54. The technical analyst also said the year high was hit on May 2nd at 1,370.58.

Worth argues the sharp move lower since the end of July "correctly re-priced the market" from a technical standpoint and "effectively discounts" expected macro issues over the next four months to a year.

The analyst recommends investors pick up shares of stocks which are continuing uptrends after testing support levels, as well as stocks which have tumbled amid the market decline but still have support levels below the current price. Worth suggested the following stocks, to name just a few: IBM (NYSE: IBM), Amazon.com (Nasdaq: AMZN), Netflix (Nasdaq: NFLX), Alcoa (NYSE: AA), Patriot Coal (NYSE: PCX), Bed Bath & Beyond (Nasdaq: BBBY), Macy's (NYSE: M), Hertz (NYSE: HTZ) and JDS Uniphase (Nasdaq: JDSU).

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