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Point & Go Figure: FCX, NEM, OSX


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


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
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
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
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.

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No positions in stocks mentioned.

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