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Buzz and Banter


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

OEX: OB=46%, OS=19%
NDX: OB=46%, OS=13%

Clearly, the last few days went a long way in lowering the percentage of stocks still in overbought condition. It is important to remember however that "not as overbought" doesn't mean "oversold." In our view, the various major equity indices are less than halfway through the corrective process in terms of both time and price. A solid signal that the end of the corrective process is near is when the overbought percentages move below 20%.
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