Market Back In An Overbought State

The market is back in an overbought state which means a short-term reprieve should be right around the corner. The Nasdaq 100 (QQQQ) has a Wilder RSI (2) above 98 which is a very good signal that we are due for a move lower over the coming days.

Again, I apologize for the lack of posts recently, but I am in the middle of revamping the blog and working on my new e-book. Iron Condors and ETF Extremes here we come. Two options strategies that have proved to be wonderful performers over a long period of time, particularly the ETF Extremes. The performance speaks for itself. Stay tuned!

Andy

Overbought-Oversold levels for September 10, 2009

ETF Extremes Options Trading Strategy

* S&P 500 (SPY) – 78.2 (overbought)
* Dow Jones (DIA) – 76.0  (overbought)
* Russell 2000 (IWM) – 78.7 (overbought)
* NASDAQ 100 (QQQQ) – 82.1 (very overbought)

Other ETFs

* Ultra Long (SSO) – 77.8 (overbought)
* Ultra Short (SDS) – 21.0 (oversold)