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Point & Go Figure

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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)


No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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