Tuesday, February 27, 2007

Dow 12500 Point and Figure Sell Signal?

I mentioned this last night, by way of a John Murphy email that came through yesterday. So here we are already. 50 day moving average at 12,550 already taken out. It is this 12,500 that is of greater interest today from a technical standpoint.

Continue to keep an eye on the trannies... It's another rough day there...

Still, with these charts showing some negative changes ala Dow Theory, the bears had better gun for a close below 12,500 to do some real damage, or the bulls could be back in the bear china shop later in the week to take it back up and do their own damage.

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