New Overbought/Oversold Comments Section – New Sunday Review/Preview – Important Site Updates

New readers please visit stop by my new comments section. Let’s build a forum that focuses on the various short-term overbought/oversold measures (as well as other topics) within the current market. As a community everyone can stay informed of the various ETFs, stocks, etc. that have moved into an extreme state.

Starting today I have decided to only post the short-term overbought/oversold readings for my options strategies on Friday’s. Please note that I follow several that I do not mention on this site for proprietary reasons, but do know that I use the following as my initial screen for all potential trades.

I will posting my new weekend review/preview starting this Sunday. Stay tuned!

Have a great weekend!

Andy

Overbought/Oversold levels for July 18, 2008

ETF Extremes Options Strategy

* S&P 500 (SPY) – 66.0 (neutral)
* Dow Jones (DIA) – 70.0 (overbought)
* Russell 2000 (IWM) – 36.5 (neutral)
* NASDAQ 100 (QQQQ) – 41.9 (neutral)

Sector ETF Extremes Options Strategy

* Biotech (IBB) – 63.8 (very overbought)
* Consumer Discretionary (XLY) – 71.9 (overbought)
* Health Care (XLV) – 43.5 (neutral)
* Financial (XLF) – 66.9 (neutral)
* Energy (XLE) – 28.6 (oversold)
* Industrial (XLI) – 64.0 (neutral)
* Materials (XLB) – 40.6 (neutral)
* Real Estate (IYR) – 62.9 (neutral)
* Retail (RTH) – 55.9 (neutral)
* Utilities (XLU) – 25.1 (oversold)

If you would like to follow my strategies with real-time alerts or have them autotraded by a participating broker please click the following link: Try our strategies for a 30 day risk-free trial!