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Point & Go Figure: WLT, TXN, RUT

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Market Overview:
The short-term is positive, but extended and weakening. The percent of stocks above their 50-day moving average for the NYSE and Nasdaq remain well into high-risk, high probability topping areas. Only a reversal down will suggest this rally has likely run its course, however. Wednesday's action produced a negative divergence for both as the markets finished higher while these indicators declined. As might be expected, the weakness yesterday caused them to decline as well. For now, however, they remain positive, in Xs.

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:
Walter Industries (WLT)
(Chart courtesy Dorsey Wright)

Walter Industries (WLT)
(Chart courtesy Thomson Financial)

Texas Instruments (TXN)
(Chart courtesy Dorsey Wright)

Texas Instruments (TXN)
(Chart courtesy Thomson Financial)

Russell 2000
(Chart courtesy Dorsey Wright)

Russell 2000
(Chart courtesy Thomson Financial)


No positions in stocks mentioned.

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