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Point & Go Figure: PTEN, RIG, AMAT

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No more ratcheting risk!

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Short-term Overview:
The short-term conditions remain negative with the Percent Above 50-day MA Indicator for the NYSE, Nasdaq Composite, Russell 2000 and Dow Jones Industrial Average all negative and showing continued deterioration.

The S&P 500, the Nasdaq-100 and the S&P 100 50-day MA Indicators remains in Xs, but deteriorated badly on Monday, each down 3-4%. This further illustrates the narrowing of market breadth, mirroring the long-term deterioration in breadth shown by the bullish percent indicators.

The High-Low Index for the NYSE remains negative at a high-risk level. The Nasdaq Composite High-Low Index reversed down yesterday for the first time since December.

Market Overview:
The high-risk levels of the short-term indicators combined with their shift from Xs (positive) to Os (negative) raises further the potential for very negative action across the board for stocks. The Dow, NDX and SPX Bullish Percent charts are all negative.

The long-term Bullish Percents for the NYSE and Nasdaq Composite as a whole remain positive (in a column of Xs), 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:
Patterson Energy (PTEN)
(Chart courtesy StockCharts.com)

Patterson Energy (PTEN)
(Chart courtesy Thomson Financial)


Transocean Sedco Forex Inc. (RIG)
(Chart courtesy StockCharts.com)

Transocean Sedco Forex Inc. (RIG)
(Chart courtesy Thomson Financial)

Applied Materials (AMAT)
(Chart courtesy StockCharts.com)

Applied Materials (AMAT)
(Chart courtesy Thomson Financial)

No positions in stocks mentioned.

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