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Point & Go Figure: FCX, NEM, OSX

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Look at the chart. We go your way, it's about an inch-and-a-half. We go my way, it's four inches.

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Market Overview:
Both the NYSE and Nasdaq Composite Percent Above 50-day Moving Average Indicators and both are now back to positive in a column of Xs as stocks continue to cross back and forth around their 50-day moving averages.

The High-Low Indices for the NYSE and Nasdaq Composite, however, both remain negative, in a column of Os, a significant negative divergence from the 50-day indicators and recent movement in stock indexes to new highs.

The longer-term bullish percents for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs there also remains intact, a significant bearish divergence, but a longer-term one. The more narrow S&P 500 and Nasdaq-100 Bullish Percents both are negative, each in a column of Os.

Charts of Interest:
Freeport McMorRan (FCX)
(Chart courtesy
StockCharts.com)
On a PnF basis FCX has met its price objective at 69, and reversed down on the chart to form a high-pole warning pattern - exceeding by more than 50% the prior column of Xs.

Freeport McMoRan (FCX)
(Chart courtesy Thomson Financial)
Meanwhile, a weekly chart shows active DeMark sell signals on both TD-Sequential and TD-Combo.

Newmont Mining (NEM)
(Chart courtesy
StockCharts.com)
On a PnF basis, NEM has failed to reach its prior high from January and will reverse down to Os with a move to 55.


Newmont Mining (NEM)
(Chart courtesy Thomson Financial)
On a weekly chart, NEM has recorded a DeMark TD-Sequential sell signal on a move higher that did not exceed the prior January high.


PHLX Oil Service Sector Index (OSX)
(Chart courtesy
StockCharts.com)
On a PnF basis, nothing wrong with the OSX, which recently broke through January resistance and established a new, higher price objective of 254.


PHLX Oil Service Sector Index (OSX)
(Chart courtesy Thomson Financial)
On a daily chart the OSX is now on an active DeMark TD-Combo sell signal. Note the most recent sell signal back in January produced a significant pause in the uptrend. Probabilities favor being able to buy stocks in this index lower than where they are now for those who are bullish the names.

No positions in stocks mentioned.

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