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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