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Point & Go Figure: GS, BSC, Crude, April Gold

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Climbing the Broker-Dealer Back Mountain!

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Market Overview:

The short-term conditions remain at high-risk levels and the Percent Above 50-day Moving Average Indicator for the NYSE remains negative. Meanwhile, the Nasdaq Composite Percent Above 50-day Moving Average Indicator remains in Xs while the pattern of lower lows and lower highs persists.

The High-Low Index for the Nasdaq Composite is negative and has exceeded a previous low. The NYSE High-Low Index has reversed back to Xs, but there again the negative divergence -lower highs - persists.

The longer-term bullish percent Indices for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs there also remains intact. The more narrow S&P 500 (SPX) and Nasdaq-100 Bullish Percents are negative.

Charts of Interest:
Goldman Sachs (GS)
(Chart courtesy
StockCharts.com)
GS last gave a sell signal in May 2005 (see red shading on the chart) but that sell signal simply took the stock to trendline support. The nearest sell signal on a PnF basis is a potential double bottom break at 138.

Meanwhile, on March 14 GS registered both TD-Sequential and TD-Combo 13s on a daily chart. Since then we have churned sideways. The last TD-Sequential and TD-combo 13s, in November, saw the stock move sideways until late January, during which time the PnF chart did not register a confirming sell signal.

Bear Stearns (BSC)
(Chart courtesy StockCharts.com)
PnF chart shows BSC will initiate a bullish shakeout pattern if the double bottom is broken (128 print)... however, the price objective has been met (and exceeded). Also, we have DeMark sell signals active on the daily and weekly charts.

Bear Stearns (BSC)
(Chart courtesy Thomson Financial)
BSC registering a TD-Combo sell signal here to go with the recent TD-Sequential 13.

Crude Continuous
(Chart courtesy StockCharts.com)

Gold April
(Chart courtesy
Dorsey Wright)
Note key near-term support on April gold at 542. A move to 540 would bring the 532 level into play, below that trendline support at 510.

No positions in stocks mentioned.

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