Friday, December 25, 2009
Very Overbought
This market has gapped up for 5 straight trading days, and also gone up 5 straight days. Only 2 of those 5 days have had a gap fill. This is a very strong market, and has gotten very overbought. Remember, strong markets get overbought and often stay overbought for a long time. Put call ratios remain low and there is a lot of optimism right now. I will wait for a blowoff top to short. There is no way I am shorting weakness in this market.
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