Saturday, November 05, 2011
On October 7th, the bullish percent indicators gave two signals of breadth confirmation with our moving average cross over and the slow sto crossing up above 20. Shortly after, the indexes closed above the long term trend and continued to rally to resistance at the highs of 1292.66.
This rally was quite violent and setups were lacking.
Currently, we are sitting in overbought conditions and looking for a pullback or consolidation period to offer up better lower risk entry points.
The top 20 sectors according to Bluefin:
Each day in the daily blog post we cover the indexes, breadth, and the plan for the upcoming day. Currently, we remain defensive while the market works out these overbought conditions.
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