Agriculture and India are both in an extreme short-term overbought state.
Couple the extreme readings with the fact that the overall market, as seen by the S&P 500 ETF (SPY), is also overbought I would expect to see another short-term reprieve going forward.
I’ve established a few April expiration positions, more specifically a few bear call spreads, to take advantage of the recent overbought readings in the major indexes and are are working well so far. As for my March bear call spread, I am very close to the short strike and will certainly keep everyone (subscribers) aware of any pertinent moves. Stay tuned!
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