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Point & Go Figure: MEE, T, OSIP, NDX, RUT


C'mon, throw a bull a bone once n


Short-term Overview:
The short-term conditions remain negative with the Percent Above 50-day Indicator for the NYSE, Nasdaq Composite, S&P 500, Russell 2000 and Dow Jones Industrial Average all negative and showing continued deterioration. Perhaps surprisingly, the Nasdaq-100 50-day MA indicator is in a column of Xs but it remains on a sell signal having exceeded a previous bottom on the chart during the last move down.

The High-Low Index for the NYSE remains negative, while the Nasdaq Composite High-Low Index declined again yesterday, but remains in Xs, still showing declining tops from the 2004 high.

Market Overview:
The bullish percent indicator for the NDX remains negative and declined significantly again yesterday, by 3%. This continues the negative divergence we highlighted yesterday: deteriorating participation on 50-day MA crossovers.

The Bullish Percent for the NYSE and Nasdaq Composite remain positive, but continue to show the longer-term pattern of diminished participation and lower highs dating back to their 2003 and 2004 peaks.

Charts of Interest:
Massey Energy (MEE)
MEE broke a quadruple bottom recently. In fact, that is just the latest sell signal for this stock. MEE first broke down in October creating a downside objective of 34. The stock has not given a buy signal since the October breakdown.

AT&T (T)

AT&T (T)
(Chart courtesy Thomson Financial)
While T recently broke a quadruple top on a PnF chart, the stock yesterday completed a TD-Sequential 13 "Sell" signal. 25 should act as initial support (former resistance) on pulbacks.

OSI Pharmaceuticals, Inc. (OSIP)
OSIP has broken a tripe top with yesterday's move, now at 31 resistance. Support is 29.50.

Nasdaq-100 (NDX)
The NDX has violated the trendline from the April 2005 lows, and the bounce back to test the bottom of that trendline was weak in intra-day terms yesterday. A move below 1650 to 1640 would suggest the initial downside target of 1610 is in play.

Russell 2000 (RUT)
A move below 714 (712 print intra-day) would bring into play the initial downside objective of 706.

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Position in RUT/SPX equivalents

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