Tuesday, August 25, 2009

Markets Very Extended; Correction Overdue

This market has been waiting for a sell off and continues to climb a wall of worry. But as I go over some of my indicators, including tonight's chart...the action I've seen on the hours up into the close this week has me more convinced that we're going to see a correction very soon. This market is very extended and overbought, suggest keeping stops tight, buying puts or taking money off the table.

*click chart to expand image

1 comment:

sandythomson09 said...

Respected sir, I really appreciate your site, I am a financial writer and written many quality articles on debt consolidation, Mortgage, loan modification, debt free retirement, pay off debt for many quality sites, now I want to share my experience and knowledge with. And want to contribute a quality article on debt with relation to US Economy. Please allow me.