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Point & Go Figure: CTX, SLB, EWJ


It ain't over yet, baby


Market Overview:
The short-term conditions remain extended and in high-risk areas. The percent of stocks above their 50-day moving average indicators for both the NYSE and Nasdaq are both positive but remain below the declining peaks that date back to the 2004 highs, indicative of deteriorating breadth and momentum.

The Nasdaq-100 (NDX) Bullish Percent, officially negative after reversing down from the high-risk 70% area, moved higher on Friday and is now 1% away from a reversal back to Xs. The Bullish Percent for the Dow Industrials, also negative, remained flat. Supply remains in control of the NDX and DJIA. The S&P 500 Bullish Percent is positive but, like the other indicators, remains below the declining highs dating back to January 2004, a sign of deteriorating participation.

Bottom line: Short-term indicators remain in high-risk territory. Long-term indicators, though still positive for the NYSE and NASDAQ Composite, are in high risk areas and showing the long-term trend of diminished participation still intact.

Charts of Interest:
Centex (CTX)
(Chart courtesy Dorsey Wright)

Schlumberger Limited (SLB)
(Chart courtesy Dorsey Wright)

Japan Bullish Percent
(Chart courtesy Dorsey Wright)

iShares MSCI Japan Index Fund (EWJ) .25x3 scale
(Chart courtesy Dorsey Wright)

iShares MSCI Japan Index Fund (EWJ) .125x3 scale
(Chart courtesy Dorsey Wright)

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No positions in stocks mentioned.

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