July 28, 2017

The Internet (IBB) – Short-term stance on QQQQ remains same

The Internet sector(IBB) was one of the few bullish areas in the market today. IBB was already in an overbought state, but now that the RSI (2) has pushed higher (above 95) and is pinned up against what looks to be strong overhead resistance my guess is that I will take a small position tomorrow near the open in the PaperTrade Extremes strategy.

Subscribers, as always I will post the trade on the Insiders page of the website (access through membership area) soon after the trade is placed. Of course, tomorrow has to play out like I hope it will, but I will talk about that tomorrow in the premarket report on the Insiders page.

My stance on QQQQ remains the same as yesterday. If you wish to find out more please read the March 25th post.

Overbought/Oversold for March 26, 2008

Major Benchmarks

  • Dow (DIA)- 56.5 (neutral)
  • S&P (SPY) – 54.7 (neutral)
  • Russell 2000 (IWM) – 62.5 (neutral)
  • Nasdaq 100 (QQQQ) – 68.7 (neutral) 
  • Emerging Markets (EEM) – 54.6 (neutral)

more overbought/oversold levels on additional sectors found in the Insider’s page (Buy the White Paper and receive Two Months of the Insiders Page Free) – less than $1 a day.We work hard to bring you our latest views, opinions and research on a daily basis. If you are a loyal reader and find our thoughts useful please show us your support by joining our newsletter service.

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