Since today is Put/Call ratio day I will note that a sell signal was triggered by the 10 day moving average of the CBOE total at the close. However, we will not be maximum overbought until the close on Monday and I suspect the bears will have to wait until then. The strong move in the banks will likely keep the animal spirits raging long enough to suck in the weekend money. No stock sparks the imagination of the retail crowd like Citigroup and the stock has had a nice move.
While it now looks like this rally has a little more time I am remaining tightly hedged. It is difficult to watch a party like this from the sidelines but at least I won't have a hangover in the morning. Have a good night.