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Point & Go Figure




It is beginning. The contextual indicators remain positive, but slippage in short-term indicators, such as the percent of stocks above their 50-day moving average and the high-low indices, indicate for the first time since early June that a more serious correction is shaping up. How the average stock fares technically as a corrective process takes form will tell us whether the context will be corrective, showing little technical damage even as absolute prices deteriorate, or impulsive, showing signs of technical breaks.

Below are some charts that caught my eye, as well as some that were requested by Minyans. I have added text and illustrations on the charts as necessary. All charts courtesy Dorsey, Wright & Associates.

The Black & Decker Corporation (BDK)

Caterpillar, Inc. (CAT)

International Business Machines Corp. (IBM)

Phelps Dodge Corporation (PD)

Reuters Jefferies CRB Index (CR/Y)

The Stanley Works (SWK)

XTO Energy Inc. (XTO)

Amex Energy Select SPDR (XLE)

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No positions in stocks mentioned.

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