Buyable Weakness Looks Headed Our Way
In my column from last Tuesday, aptly titled "More Reasons to Sell Than to Buy," I enumerated, as you might expect, several reasons why it made sense to sell into that rally, not the least of which was a very overbought reading from the McClellan Oscillator. In fact, that day's reading of +307.76 was the most overbought reading in that indicator in a year and a half.
Speaking in general terms, you don't really need any other reasons to sell a rally. Now, a few sessions later, the S&P 500 has pulled back more than 30 points. That day's close, for the holiday-shortened session of July 3, marked the high close since May 3. In addition, the July 3 intraday high of 1374.81 marked the high-water mark for this move....404 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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