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Point & Go Figure: AAPL, OSX, CRB Index

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The vise gets tighter.

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Market Overview:

The short-term conditions continue to show larger negative patterns and the high risk levels remain intact suggesting caution. The Percent Above 50-day Moving Average Indicators for both the NYSE and Nasdaq Composite are negative, having formed yet another lower high on their respective charts. This increases the probabilities of a move lower of significant degree for related stocks.

The High-Low Indices for the NYSE and NASDAQ both remain in Xs, but are at high-risk levels and the larger bearish patterns remain intact.

The NYSE and Nasdaq Composite bullish percent Indices are in Xs, but the larger pattern of lower highs remains intact and both lost ground yesterday.

Charts of Interest:
Apple Computer(AAPL)
(Chart courtesy StockCharts.com)

Apple Computer(AAPL)
(Chart courtesy Thomson Financial)

PHLX Oil Service Index (OSX)
(Chart courtesy StockCharts.com)

PHLX Oil Service Index (OSX)
(Chart courtesy Thomson Financial)
The OSX on a daily chart shows valid TD-Sequential and TD-Combo 9 "buy" setups, which typically precede a "pause" in the trend, but so far still counting down to 13s. In other words, things could easily get worse for the longs before they get better. Interestingly, the DeMark readings for the CRB, and XAU are very, very similar to the OSX.

Reuters/Jefferies CRB Index
(Chart courtesy StockCharts.com)

No positions in stocks mentioned.

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