June 23, 2017

Still Waiting

It was a lackluster session today. Volume was weak as most traders do not want to take a position especially an overnight position for fear of the worst.

Yes, the market is still waiting to hear the final details (if any) from the bailout plan. Until then I expect to see similar price action going forward, with a downside bias.

The major benchmarks have yet to move in a oversold state which is a bit surprising, so I am still sitting patiently on the sidelines.

As I mentioned yesterday, there are a few oversold reading in the Sector ETFs I follow, namely consumer discretionary (XLB) and retail (RTH). While the two have amde it through my initial screen they have yet to come close to a signal in my proprietary overbought/oversold indicators.

I am under the weather today so I apologize for the short post. Hopefully, this nagging cold will leave soon.

Have a great night!

Andy

Overbought-Oversold levels for September 24, 2008

ETF Extremes Options Trading Strategy

* S&P 500 (SPY) – 41.4 (neutral)
* Dow Jones (DIA) – 38.7 (neutral)
* Russell 2000 (IWM) – 41.5 (neutral)
* NASDAQ 100 (QQQQ) – 38.7 (neutral)

Sector ETF Extremes Options Strategy

* Biotech (IBB) – 44.9 (neutral)
* Consumer Discretionary (XLY) – 28.0 (oversold)
* Health Care (XLV) – 32.6 (neutral)
* Financial (XLF) – 37.3 (neutral)
* Energy (XLE) – 49.7 (neutral)
* Industrial (XLI) – 31.0 (neutral)
* Materials (XLB) – 39.7 (neutral)
* Real Estate (IYR) – 38.7 (neutral)
* Retail (RTH) – 24.6 (oversold)
* Utilities (XLU) – 42.6 (neutral)

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