NEW YORK (TheStreet) -- The S&P 500 closed flat Wednesday after moving in and out of positive and negative territory throughout the day.
On CNBC's "Fast Money" TV show, guest Carter Braxton Worth, chief market technician and managing director at Oppenheimer & Company, said the S&P 500 is now lower by 0.6% through the first five trading days of the year. Based on historical price action, there is a 60% chance January will end in negative territory since its first five trading days were negative, he said.
Worth added that when the month of January is positive, returns in February through December are up on average 8.65%. When January is negative for the month, the return in February through December only averages 1.65%, he added.
Guy Adami, managing director of stockmonster.com, said he is still looking for a pullback to the 1,750 level in the S&P 500.Shares of Twitter (TWTR) were lower on Wednesday from another downgrade. Tim Seymour, managing partner of Triogem Asset Management, said the stock is overvalued compared to its peers. A lot of stock will come to the market in February and May when the current share lockup plans expire. Jon Najarian, co-founder of optionmonster.com and trademonster.com, said investors might get a buying opportunity when TWTR reports at the end of the month. Adami suggested that investors could buy the stock as a trade after Wednesday's selloff. Seymour said to buy China Eastern Airlines (CEA) and China Southern Airlines (ZNH). Travel is "booming" in the region and these companies have solid exposure and cheap valuations, he added. Adami said he would continue to own Cern (CERN), which has traded well even after some "dicey" earnings reports -- which he considered a good thing.
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