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Point & Go Figure: GPS, BRCM, ACH, MUR

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Market Overview:
The short-term is positive, but extended. Meanwhile, the percent of stocks above their 50-day moving average for the NYSE and Nasdaq are now both well into high-risk, high probability topping areas. While these indicators are now in a very high-risk area, only a reversal down will suggest this rally has likely run its course. Yesterday's action produced a negative divergence for both as the markets finished higher while these indicators declined. For now, they remain positive, in Xs, however.

Overall, while the long-term bullish percent charts for the NYSE and Nasdaq remain in Xs, the pattern of lower highs (meaning diminishing breadth and participation) combined with their relative high-risk level, continues to suggest we are closer to a conclusion of the cyclical rally that began in October 2002 than to the beginning of an important new leg higher.

Charts of Interest:

The Gap (GPS)
(Chart courtesy StockCharts.com)


Broadcom Corporation (BRCM)
(Chart courtesy StockCharts.com)

Broadcom Corporation (BRCM)
(Chart courtesy Thomson Financial)

Aluminum Corporation of China Limited (ACH)
(Chart courtesy Dorsey Wright)

Murphy Oil (MUR)
(Chart courtesy Dorsey Wright)

Murphy Oil (MUR)
(Chart courtesy Thomson Financial)

If you would like a chart reviewed, let me know here.

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No positions in stocks mentioned.

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