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Point & Go Figure: Oil Service HOLDRs, Washington Mutual

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Market Overview:
The NYSE Percent Above 50-day Moving Average Indicator is back in Xs, having while the Nasdaq preparing for a potential triangle break. The High-Low Indices for the NYSE and Nasdaq continue to hold in Xs.

The longer-term bullish percents for the NYSE and Nasdaq Composite are both still in Xs, but the larger pattern of lower highs also remains intact, a significant long-term 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:
Oil Service HOLDRs (OIH)
(Chart courtesy StockCharts.com)

On a PnF basis everything continues to look great for the OIH... trend followers of the world unite! Yes the trend is our friend... until it's not. And the OIH is now approaching levels above long-term PnF trendline support where pullbacks have occurred.

Oil Service HOLDRs (OIH)
(Chart courtesy Thomson Financial)
Meanwhile, the OIH has registered a DeMark TD-Combo "sell" signal. Note the last sell signal on the chart back in January and the subsequent pullback that ensued.

Washington Mutual (WM)
(Chart courtesy StockCharts.com)
Washington Mutual is in the news this morning as a rumored takeover target a la Golden West (GDW) which Wachovia (WB) is acquiring. But is the "rumor" already baked into the pie?

Washington Mutual (WM)
(Chart courtesy Thomson Financial)
WM has just registered a TD-Sequential 13 sell signal on the spike higher. Just something to consider if you are joining the takeover target bandwagon.

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No positions in stocks mentioned.

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