Late Post or Would That Be Early Post?

I apologize for the late post. I know many of you use the Overbought/Oversold measures on a daily basis so lets get to it.

All of the major indices we follow are back in an overbought state. It will be intersting to see how the market reacts after the jobs report is released this morning. As always I expect to see some whipsaw shortly after the opening bell, but any move upwards will most likely be given back. Of course, there are no guarantees in the world of trading, but given the short-term negative seasonal conditions coupled with overbought status in all of the major indices, (not to mention the upside gap from two days ago that has yet to close) and a short-term reprieve looks probable.

After the bell today I will present the overbought/oversold measures for several more ETFs with options per everyone’s request.

Have a wonderful day! See you this afternoon!

Overbought/Oversold for December 7, 2007

S&P (SPY) - 72.3 (overbought)

Russell 2000 (IWM) - 70.0 (overbought)

Dow (DIA) - 74.1 (overbought)

Nasdaq 100 (QQQQ) - 72.0 (overbought)

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