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Technical Talk

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Bearish Breadth for PIC

By Arthur B. Hill - Thu 02-Oct-08 10:29 AM EDT

The Insurance PowerShares (PIC) bounced with the rest of the financials over the last 2 1/2 months, but that bounce may be nearing its end as breath deteriorates. First, the overall trend for breadth is down as the AD Line remains in a clear downtrend. Second, the McClellan Volume Oscillator started it off with a surge below 50 last week and there have been two more forays below this bearish threshold. Third, the McClellan Summation Index (Volume) hit resistance at the zero line and moved below its 20-day EMA. This bearish crossover could signal the end of the July-Sep rally and a continuation of the bigger downtrend.


Insurance PowerShares (PIC) click here


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