Sep 24, 2010

Markets dropped a bit on meh volume

Short-term: 2 yellow, 2 red – seriously overbought and now deteriorating a bit
Intermediate-term: 1 green 3 yellow – still indicating up but now deteriorating
Stock targets: 73% swimming, 18% neutral, 9% sinking –

How much more upside can there be now that all stocks are on the same side of the boat? On the other hand, how much downside will there be if no one sells? Everything seems to indicate that this is the end of this leg up. But my indicators have not done well for the last 3 weeks. Probably wise to take profits on any cyclical good news type stocks. International and defensive commodities still look good — but everything really needs a pullback here.

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