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Point & Go Figure: TXN, ED, APPX


You can't please all the people all the time, but you can make sure they are equally frustrated.


Market Overview:

The short-term conditions continue to deteriorate from very high-risk levels. The pattern of lower lows and lower highs persists for both the NYSE and Nasdaq Composite Percent Above 50-day Moving Average Indicators and both are now negative (in a column of Os) on their charts. Both are on sell signals as well, having each exceeded previous columns of Os.

The High-Low Indices for the NYSE and Nasdaq Composite are now both negative. Both are in a column of Os and remain in high-risk territory near 70%.

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, a signficant bearish divergence. The more narrow S&P 500 and Nasdaq-100 Bullish Percents both are negative, each in a column of Os.

Charts of Interest:
Texas Instruments (TXN)
(Chart courtesy
TXN on a PnF basis is forming a potential triangle. A move to 35 would be a positive break (note the price objective of 38) while a move below 29 would suggest a test of trendline support at 25 is forthcoming.

Texas Instruments (TXN), weekly
(Chart courtesy Thomson Financial)
Meanwhile, there is a DeMark TD-Sequential sell signal on the weekly chart.

Consolidated Edison (ED)
(Chart courtesy
ED on a PnF basis has pulled back to test long-term trendline support and the top of the large base formed between 2003 and 2005. A move below 41 would suggest something more complicated and bearish is going on.

Consolidated Edison (ED)
(Chart courtesy Thomson Financial)
Meanwhile, the stock has registered a DeMark buy signal on the daily chart suggesting a low-risk entry point near here.

American Pharmaceutical Partners (APPX)
(Chart courtesy
APPX is an aggressive trade in the Biotech sector, but there are enough technical positives given risk/reward potential for me to consider it. On a PnF basis the stock could potentially break a triple top with a move to 29.50.

American Pharmaceutical Partners (APPX), daily
(Chart courtesy Thomson Financial)
APPX has registered DeMark buy signals on both a daily and weekly chart.

No positions in stocks mentioned.

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