QQQQ still in a short-term overbought state

Not too much to report tonight so I will keep it rather short. Other than the NASDAQ 100 (QQQQ), the other major benchmarks managed to move decisively lower today and are back in a neutral state. The QQQs still have my attention as they have pushed into short-term overbought state and are nearing an extreme. Moreover, they started to show some weakness around the recent highs from yesterday which could indicate a near-term decline over the next few days. My shortest-term overbought/oversold proprietary indicator still has a bit of room before it is triggered, but it is very close to a signal which could come as soon as tomorrow.

Overbought/Oversold levels for August 12, 2008

ETF Extremes Options Strategy

* S&P 500 (SPY) - 53.9 (neutral)
* Dow Jones (DIA) - 53.7 (neutral)
* Russell 2000 (IWM) - 69.7 (neutral)
* NASDAQ 100 (QQQQ) - 77.7 (overbought)

Sector ETF Extremes Options Strategy

* Biotech (IBB) - 60.4 (neutral)
* Consumer Discretionary (XLY) - 69.3 (neutral)
* Health Care (XLV) - 71.7 (overbought)
* Financial (XLF) - 41.3 (neutral)
* Energy (XLE) - 34.1 (neutral)
* Industrial (XLI) - 56.1 (neutral)
* Materials (XLB) - 49.7 (neutral)
* Real Estate (IYR) - 56.2 (neutral)
* Retail (RTH) - 71.1 (overbought)
* Utilities (XLU) - 42.4 (neutral)

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