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Point & Go Figure: CY, ISL, SUNW, SPX, CHN

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Market Overview:
Yesterday's action was enough to move many short-term indicators higher, including the percent of stocks above their 50-day moving average for the NYSE and the NYSE High-Low Index, according to Investor's Intelligence data. As noted yesterday, point and figure buy signals led sell signals by nearly 5-1 margin.

Nevertheless, although there remain select short-term opportunities in individual stocks, the major indices continue their slow, long-term topping process with little change to the long-term bearish view which continues to indicate long-term risk outweighs potential long-term reward.

Charts of Interest:
Cypress Semiconductor (CY)
(Chart courtesy StockCharts.com)

First Israel Fund (ISL) Closed-end Fund
(Chart courtesy Dorsey Wright)

Sun Microsystems (SUNW)
(Chart courtesy Dorsey Wright)

China Fund Inc (CHN)

S&P 500
(Chart courtesy Dorsey Wright)

If you would like a chart reviewed, email me here.

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Position in SUNW

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