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Buzz and Banter


Despite yesterday's dramatic rally, the overbought/oversold readings in the S&P 100 (OEX) and NASDAQ 100 (NDX) barely moved;

OEX - oversolds= 53%, overbought= 6%

NDX - oversold= 69%, overbought= 2%

If the market has any major problems, it will show up in poor follow through from an oversold condition in an uptrend, which is the current situation. The market should be strong near-term and if it isn't, that in itself will be telling.

As a side note, That was the greatest positive ratio skew in NYSE breadth for the last five years at 4.8 to 1. The positive skew was more a result of no selling versus a big surge in buying. That needs to improve as a retest of recent highs come into play.

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