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Buzz & Banter



I have many charts that I keep up on my Bloomberg screens intra-day, but one of them is a customized 8 minute price bar graph of the major indices and stocks, with various intra-day overbought/oversold measures below the price graph.

The observation I would like to share is this: I cannot remember seeing more days like these past several where my intra-day overbought/oversold graphs show BOTH severe overbought and severe oversold levels on the same trading day. It is as if the bears have seemingly complete control over stocks and then, in a flash, the bulls have the control. It argues for having less exposure on.

There's a battle afoot, that's for sure. We just don't know who the winner is going to be yet.

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No positions in stocks mentioned.

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