The market is grossly overbought, and it is meeting with price resistance at this level. That makes it look toppy… but, tops are so very hard to call, and I try not to.
On the other hand, determining when risk has been wrung out, and the market is likely to turn up, has seemingly never been too terribly difficult. So, I like to find opportunities to be a buyer. And, at this point in time, it doesn’t much look like one. If it should come back some, to at least where it had just recently broken out from, it may be a great place to add some shares.
The search comes back with the same 23 symbols for us tonite: JKHY, TJX, EFX, HRL, NKE, ROST, HD, AOS, TSCO, UNH, LOW, NOC, SYK, EL, STZ, COST, FDS, RAI, SBUX, LMT, CVS, NDAQ and DG.
Psssst, hey, wanna hot stock tip? Nah, me either… the weak ones are these few: HRL, NKE, LOW, EL, FDS, SBUX and CVS. All the rest have been doing just fine!
Updating the timer… risk, as measured in the OEXpert 7 has attained unto highs rarely seen. One indicator has gone right off the chart! This in no way means it must turn and fall from here, but I’m not a buyer until risk comes down… considerably!
Toppy, or not, Asia closed mixed, Europe is up, and… guess what? Our index futures are up by .35 to .39% as of 6:23 am EST. “Damn the torpedoes, full speed ahead!”
Here’s to your successful investing!
Harold F Crowell