- Market is overbought.
- Rydex traders finally became aggressively long yesterday. They held out this entire rally, until now.
- We had a second day in a row where breadth lagged the market.
- Sentiment surveys (Investors Intelligence bears at 21%) and anecdotal sentiment are showing complacency.
3 comments:
Dumb question, how do find out what the Rydex traders are doing?
Good call. This market is definitely getting "tired", with negative divergences and momentum slowing. A significant top would seem to be nigh.
I get the Rydex data from sentimentrader.com, which is a paid site. I think its available for free on the Rydex site but Sentimetrader lays out the data nicely and graphs it.
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