Buzz & Banter
On Wednesday, I mentioned the low level of a TICK indicator that I keep for the NYSE and Nasdaq. At the time, I said they were not extreme, but at least low enough to consider the long side during a low-volume market. I've now recorded 38 straight positive NYSE TICK readings, which has pushed the indicator up to +16,300. The Nasdaq indicator is currently at +4,100. If you click on the link above and look at the charts from Wednesday, you'll be able to put these readings into context.
As I said yesterday, even if we become overbought, I'm not particularly interested in stepping short in front of a rising, low-volume market. But be aware that the risk of being long in the short-term is growing, at least by this measure of exhaustion.
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