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Buzz and Banter



Today's overbought/oversold readings:

OEX: OB=57%, OS=15%
NDX: OB=54%, OS=10%

The percentage of overbought stocks is currently dropping back toward neutral (40-60%). These readings are likely to drop further as the market progresses through the current period of consolidation we have been anticipating. Near-term lows, in the context of the rally that began in March, are generally associated with overbought readings dropping below 20% and closer to10%. That can either happen through a sharp drop in the equity market over coming sessions or flat action over the next couple of weeks. Either way it should happen.

The debate is what to do with a correction as it progresses. Only you can decide that, but I think you know where we stand.

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No positions in stocks mentioned.
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