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Point & Go Figure: Russell 2000, URBN, BA

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I feel like I'm running out of steam a bit here.

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Market Overview:
The percent of stocks above their 50-day moving average indicators for the NYSE and Nasdaq Composite both remain negative. Meanwhile, the short-term High-Low indicators remain extended and in high-risk areas. The NYSE High-Low Index declined yesterday, according to data from Investors Intelligence, while the Nasdaq High-Low Index rose slightly.

On an intermediate basis, the percent of stocks above their 150-day moving average is close to a reversal back to Os for the NYSE, which would form a third consecutive lower high dating back to July, and a fifth cyclical lower high dating back to January 2004. The Nasdaq percent above 150-day indicator remains below the December 2004 peak, and well below the January 2004 peak as well, but it is not as close to a reversal as the NYSE.

Bottom line: Short-term indicators are growing increasingly negative across the market and 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. Bullish Percent indicators are negative for the Dow Jones Industrials, the Nasdaq 100 and the S&P 100, but remain positive, though deteriorating, for the Russell 2000 and S&P 500.

Charts of Interest:
Russell 2000 (RUT)
(Chart courtesy StockCharts.com)

Urban Outfitters (URBN)
(Chart courtesy StockCharts.com)

Urban Outfitters (URBN)
(Chart courtesy Thomson Financial)

Boeing (BA)
(Chart courtesy StockCharts.com)

Boeing (BA)
(Chart courtesy Thomson Financial)

Position in RUT, SPX equivalents

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