Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Not much to add that is not said daily. Once more the afternoon buyers showed up yesterday although not quite as vigorous as normal. Still it was enough to get a new high on the S&P 500 by the hair of a chin. So today we are going for day 8 in a row. Things are overbought and remain overbought. The RSI on the entire S&P 500 index is at a point only reached in mid September and a few points in Feb-Apr 2012. Good, bad, or neutral economic news is not really mattering right now. Etc etc. Very little one can say of consequence when you have these atypical moves. Until the afternoon buyers are punished and/or the market reacts poorly to good news it appears we remain in the stratosphere.
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