Point & Go Figure
Below are some charts that caught my eye, as well as some that were requested by Minyans. If you would like a chart reviewed, let me know here.
I have added text and illustrations to the charts where necessary.
All charts courtesy Dorsey, Wright & Associates.
The Gap, Inc. (GPS)
The Progressive Corporation (PGR)
Vertex Pharmaceuticals Incorporated (VRTX)
Gold Fields Limited (GFI)
The chart of GFI, despite a new double top break on Friday, shows that the stock is simply moving closer to the top of its three-year range.
iShares Dow Jones U.S. Consumer Cyc (IYC)
The IYC began a powerful cyclical rally from the March 2003 lows, but has become increasingly unstable since May 2004, violating that trendline for several months before resuming the rally in November last year. The move down in April of this year tested the weakening trendline successfully, but we are now at near-term support at 59 and close to a new sell signal at 58.5. Topping is a process not an event. In my opinion the process of topping remains underway and will be confirmed with a new violation of trendline support below 57.
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