We are now reaching "egregious" on the overbought scale for many of the leadership stocks. For example in terms of relative strength, Amazon.com (AMZN) has not been this overbought since the silly holiday season of Nov/Dec 2009 ... when light volume Thanksgiving and Christmas trading leads to much nonsense.
I've sold Amazon.com in 3 tranches, with today being the last at just under 1% exposure... I will retain a 0.1% stake.
If they gap the market up tomorrow on whatever premarket economic report, I'll begin shorting aggressively as I am seeing "egregious" in quite a few spots now.
Long Amazon.com in fund; no personal position
x
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I've sold Amazon.com in 3 tranches, with today being the last at just under 1% exposure... I will retain a 0.1% stake.
If they gap the market up tomorrow on whatever premarket economic report, I'll begin shorting aggressively as I am seeing "egregious" in quite a few spots now.
Long Amazon.com in fund; no personal position
x
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