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Buzz and Banter



Today's overbought/oversold percentages for the S&P 100 (OEX) and NASDAQ 100 (NDX) are:

OEX: 64% OB, 12% OS
NDX: 65% OB, 7% OS

Yesterday's overbought readings (lower than the day before despite upside day) coupled with below average volume and limited participation (measured by the advance/decline statistics) suggest the consolidation process we have been anticipating is already underway. On Friday's decline, breadth in both NYSE and NAZ was neg. 2-to-1 and declining volume swamped advancing volume. On yesterday's up move, winners barely beat losers and advancing volume barely beat declining volume.

If you care to tune in, I will be guest hosting a show on CNNfn from 9-11am EST today.

No positions in stocks mentioned.
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