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Point & Go Figure: Newmont Mining, Dominion Resources

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Did you say oversolder?!

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Market Overview:

The 50-day indicators for the NYSE and the S&P 500 are back in Xs (short-term positive) from relatively deep oversold conditions. The short-term High-Low Indexes for the NYSE and Nasdaq are in Os (negative) and have moved to deep oversold conditions as well, but have not yet reversed higher.

The conditions are right for relief, but such relief will occur in a broader negative long-term context (weekly and monthly DeMark sell signals) that simply was not present last October or April 2005.

As noted earlier on the Buzz & Banter, oversold can get oversolder(er). The daily DeMark readings for virtually all of the major indices also do not yet support a low-risk counter-trend trading opportunity in my opinion.

Charts of Interest:

Newmont Mining (NEM)
(Chart courtesy StockCharts.com)

We last looked at NEM on April 24 when it had just completed a TD-Sequential sell signal on a weekly chart. That was at 58. Now NEM has violated trendline support and recently broke a triple bottom at 48. The downside price count is still down to 41.



Newmont Mining (NEM)

(Chart courtesy Thomson Financial)

NEM is still nowhere near price completion and has begun a new sell countdown, in fact, below the 200-day ema.

Dominion Resources (D)
(Chart courtesy StockCharts.com)

D has formed a triangle just above trendline support. The stock is already on a PnF sell signal, however, with a downside count to 57. A move above the 75 level would suggest something more complex is taking place.

Dominion Resources (D)
(Chart courtesy Thomson Financial)

Meanwhile, D has just registered a DeMark 13 TD-Sequential sell signal just below the 200-day ema.

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No positions in stocks mentioned.

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