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Point & Go Figure: ADM, OSX, XBD


Are we on the road to nowhere?


Market Overview:
The short-term conditions are positive for the majority of stocks, but nearing high-risk levels.

The NYSE and Nasdaq Composite Percent Above 50-day Moving Average Indicators are both in columns of Xs, but in corrective mode having recently exceeded previous columns of Os on the downside, and with field position at or near 70% exhibiting very high risk.

The NYSE High-Low Index is in a column of Xs, but well above the high-risk 70% threshold at 88%. The Nasdaq Composite High-Low Index reversed back into X's with yesterday's activity and is now at 86%.

The long-term bullish percent indices for the broad NYSE and Nasdaq Composite indices are still in Xs, while the more narrow bullish percents for the S&P 500 and Nasdaq-100 (NDX) remain in Os. This continues the long-term pattern we have seen of fewer and fewer stocks participating in positive market movement.

Charts of Interest:
Archer Daniels Midland Co. (ADM)
A situation I like; the stock has met its price objective (in this case 32), and has just registered a TD-Sequential 13 "sell" signal

Archer Daniels Midland Co. (ADM)
(Chart courtesy Thomson Financial)

PHLX Oil Service Sector Index (OSX)
(Chart courtesy
Trendline violation earlier this month with the move to 190, and today a bearish triangle break. The price objective on the downside is 176.

Amex Broker-Dealer's Index (XBD)
(Chart courtesy

Amex Broker-Dealer's Index (XBD)
(Chart courtesy Thomson Financial)
This is the first TD-Sequential 13 for the XBD in months, and note that although the PnF chart registered a sell signal in September, at that time the XBD was nearing a TD-Sequential 9 BUY countdown. Always good to play the piano with both hands.

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No positions in stocks mentioned.

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