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Redefining Overbought
The 21-day MA on the NYSE Up Issues Ratio is the most stretched since 1991. Courtesy of Sentiment Trader.
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Overbought? Sounds like a trading recommendation!!
No, just a redefinition of overbought with a picture.
It's a statement of fact on the position of a data series.
YES!!! Overbought means that more and more smart traders/investors are doing the complete opposite of stupid corporate insiders who are selling their holdings in record amounts completely oblivious to Komrade Krugman, CNBC, Bloomberg, and the other nattering naybobs calls of "recession over!!!!" buybuybuybuybuybuybuy till ya' puke!!!!! Oh DOW 14k wherefore art though?
What a faggot. Komrade Krugman? Listen, you right wing fuckturd, are telling us you were long at 14k?
AKA - The necessary process of consolidation in the banking sector. When it is all said and done 8,500 banks will become 25 mega banks, all too big to fail.
Ah, the sweet smell of Special Purpose Vehicles. Our country is doomed with all the fantasy accounting by banksters.
The Rich says"
href="http://www.iamned.com" target="_blank">good articles for a slow news day;
1991 followed the 20% correction during Desert Storm in
Sept-Oct 1991. Too bad this 21 day ma wasn't lined up with the most
since just prior to Desert Storm -
Desert Shield deployment started in August 1990 and the Desert Storm ground war ended in February 1991.
What is this Sep-Oct 1991 war correction you speak of?
Nope, overbought gives no indication of forward direction.
It can continue to become more overbought, or correct downward. Thanks for playing though!!
Shocker
Time to buy more, risk is no longer a problem because the market only goes up thanks to the FED and the computers at GS
YESSS...party like it's 1929!
Love it when gallows humor is actually funny!
LOL! +10
Don't you mean, party like it's 1930? ;-)
profit taking still no supply to my eyes.
I think we can all agree that the government lap dogs, too big to fail banks and friends, and the mainstream media are colluding together in order to keep this ship afloat, in their eyes as a matter of national security. It is important to unload all the gold off the ship before it sinks and they are buying themselves time to do so.
The question is, now that you understand that, how can you profit from it and what are you doing to get all your gold off the ship?
I disagree
Speaking of offloading:
Is Colonial insolvent? How about
BB&T? Is the FDIC?
And will any of the above find themselves in
this position?
NEW YORK (Reuters) - A federal judge refused to approve a proposed settlement between the U.S. Securities and Exchange Commission and Bank of America Corp <BAC.N> over the payment of bonuses to Merrill Lynch & Co employees, saying he was unable to determine if it was fair to the public.
it's a relative phrase "overbought".
tradingperspective.blogspot.com
This rally is based on Obama's long term vision for balancing the budget - nobody wants to book capital gains anymore.
The capital gains tax increase (expiration of the Bush tax cuts) doesn't go into effect until 2010. It would actually be wise to take the gains this year.
But seeing as how no one buys and holds except for retail investors (that strategy is dead for now), it wouldn't matter anyway.
this tape is for dodo birds...take bernanke funny money and fire up the programs...in hindsight, ludicrous that the banks ever got so low...whenever bernanke wants, he can supply them with infinite ammunition and much more importantly, through a vast, indiscriminate network, the information necessary to front-run with 0% chance of failure.
Does this divergence from an average actually represent anything statistically. An average of a non-stationary time series is meaningless.
Good question, and I am wondering what time series models do market guys use?
Fannie and Freddie will probably be up another 40% today.
Same with car rental companies, coffee stocks, etc.
Who cares. anyone just getting long now or hasn't taken profits is a dope and deserves whats coming to them. The time to get aggro was in March. A month ago we had a great move. Anyone trading to catch up is about to get overcooked.
time for the old shankeroo
...Overbought and ready for a reversal?
http://www.thebullbear.com/profiles/blogs/is-something-missing-in
Here's a possible explanation.
Moin from Germany,
the German market ( and most Europen Markets ) are down intraday ( without any specific news ) over 2 percent from there highs....
FT Germany, Handelsblatt & Welt all have stories buried in the paper why the market will get higher. DAX targets north of 6.000 are not unusual these days ( Low was 3600-3700 ).......
I´m not sure if this already qualifies for a contrary indicator, but it is close...... :-)
Sorry - I meant short term capital gains (eg. income)...botched that I guess.
Everybody is wondering what the Fed is really doing, what their strategy really is.
I wonder if it might not be a "tiny bubbles" strategy. First you blow up a little equity bubble with manipulation of SPY trading, with a PR offensive, etc. Then you stop the robots trading SPY, and cut off the PR offensive, and as the air goes out of the bubble, the bubble money goes into Treasuries. Repeat as necessary.
I am probably not the only one who thinks this might be their strategy. It's a way to finance the national debt with bubble dollars.
Baltic Dry Index is down 9 days in a row. Everybody short the dollar and long commodities (which is anybody with at least 3 Bloomberg screens up at once) are about to get their nuts cut off.
After health care "reform" is settled , fundamentals "may" matter.
Wasn't 1991 a great buying opportunity? Yes, it was...
That's why I loaded up on Enron.
Markets are overbought and a correction is in play:
http://etfdailynews.com/blog/?p=5326
LOOK OUT BELOWWWWW:
"John Galt" digs up more evidence that a second, more devastating real estate/credit collapse is coming soon:
http://truthingold.blogspot.com/2009/08/more-analysis-showing-that-secon...
The S&P ended 1991 at 417.
Doesn't matter. Records were made to be broken. People thinking about shorting the market should note 1) that markets do not always or necessarily have to trade at some peg to fundamentals, and 2) the trend that's been in place for some time.
People thinking about "holding" this
market should note that there "might" be
a handful of natural buyers down at
SPX 666 (about 15X 2010 GAAP estimates:)
follow thru the second hour ? or a bounce that shows lack of demand at support? watching and eating popcorn.
oh heck, when the computers aren't buying, no one is
home.
to my eyes last months high did not hold on this intraday move down. There was no reaction off of 99.83 ... not sure if we b-line to last months close, 98.81, before an attempt to retest last months high after trading under it.
back to my day job.
The most overbought since 1991!!!
WOW!!!!
If I bought the S&P in 1991 when it was showing the same characteristics I lost zero money!!
In fact, the market went up some 30% over the next 18 months
*24 months, depending on where you bought it
typo
We had earnings in 1991:)
ahh, nothing quite like the repeated cackles of those that apparently have no idea WHAT THE FUCK CONTEXT OR CIRCUMSTANCE MEANS.
if you in ANY way, shape, or form, think the current macro, fundamental picture is ANYTHING like that of 1991, PLEASE send your email address immediately. I have a boat load of 'investment opportunities' i would LOVE to pitch your way. since you think valuations and investment opportunities are so similar to 1991, you'll be SURE to make a mint off of these babies!!!
1991, you turd, was 9 years into a strong secular bull that was just getting warmed up. Massively overbought in a secular bear is not the same equation. You obviously never studied charts prior to 1982, the previous real bear. Only when morons like you get wiped out buying all the dips will this bear end.
Yep, SPX OBV at new alltime highs...
Course, what would you expect from a
ramp? Who's left to buy?
lack of demand but no supply just profit taking when will the sellers show up in force ?
I just priced the borrow cost for FRE. It is 24% pa with a MAX of 25k shares. That is nuts on both counts. It trades 100+mm a day and it has no float. There is a lot of this going around. There is a 'no borrow' on CIT, C was 'no borrow' for a month.....
With that kinda crap as a background it is very hard to look at the tape and wonder if sqeezes (and computers) are the only things that are making markets move.
i think CONCLUDE - "sqeezes (and computers) are the only things that are making markets move".
Add BPNDX at 91, highest since l999.
thanks
Ah, the sweet smell of Special Purpose Vehicles. Our country is doomed with all the fantasy accounting by banksters.
The Rich says"
href="http://www.iamned.com" target="_blank">good articles for a slow news day;
Dear slashex3,
PFO!
Thanks
:-)
I am still reading lack of demand on the hourly bars. Inability to rally.
It's not a market, it isn't going to behave like a market.
The Fed/Treasury subscribe to the 'key man' strategy where all the systemically important players are nationalized and cannot 'fail' in the normal sense. There is nothing on the horizon that can take this so- called market 'down'; statistical reports are 'fixed', bad loans are hidded off balance sheet or unreported, debt and derivatives are subsidized. Whatever is necessary to keep up appearances is done.
I have to extend some grudging admiration for this and the previous administrations for the scope of their ambition and attention to detail. Whatever upsets the apple cart will have to take place outside the ambit of government, or must effect the government itself, such as a large rise in interest rates leading to a run against the dollar.
What is the P/E of the S&P 500? 100? 150?
Ridiculous ...
"I have to extend some grudging admiration for this and the previous administrations for the scope of their ambition and attention to detail."
Look up the hierarchy to give credit ...
The Committee of 300 and the Club of Rome.
"It's not a market, it isn't going to behave like a market."
99.85 is the August monthly open ..lets see if we can close above that level after having gone under.
If we can get a little more amplitutde out of this it will send out a radio signal on the AM band. Wonder what song it will play. "We can't go on together with suspcisious minds...."
The P/E on the S&P 500 is fine. Intel, Nvidia and many others lied enough about earnings to fix it.
fixed', bad loans are hidded off balance sheet or unreported, debt and derivatives are subsidized. Whatever is necessary to keep up appearances is done.
The Rich says"
good articles;
href="http://www.iamned.com" target="_blank">good finance articles
The market will remain irrational...
long enough for bulls to make more money hand over fist.
Why not just print the money directly to people's bank accounts?
Why is the Fed using this middle man (the stock market)? Isn't that inefficient?
Just cut the waste out of the system and print the cash directly into our accounts. Money for nothing. Chicks?