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Wednesday, June 16, 2010

Bulls Impress, But Need a Rest

The $SPX and overall market has had an impressive price advance in recent sessions, and while patterns in place are bullish (double bottom, falling wedge), short-term indicators are becoming quite overbought. Semiconductor stocks were particularly strong in Tuesday's session, but the rally has been quite broad-based.


The McClellan Oscillators (ratio adjusted) are starting to register extreme short-term overbought readings, suggesting some consolidation or a pullback is not far off.


Trade well.

--Brinkley
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