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

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