Overbought

My inbox is filled with folks focusing on the short term overbought reading rather than the head and shoulders bottom or the Russell ...

" We view the pullback as healthy because it relieved widespread short-term overbought conditions without a loss of positive intermediate-term momentum, " said Katie Stockton , chief market technician at MKM Partners. ❋ Steven Russolillo (2010)

" The recent pullback was constructive, in our view, because it relieved widespread short-term overbought conditions, " said Katie Stockton , chief market technician at MKM Partners. ❋ Steven Russolillo (2010)

"We could see a pullback this week as the recent rally did bring short-term overbought conditions, but I don't think a pullback will retrace the entire rebound," Ms. Stockton said. ❋ Unknown (2008)

Wrapping it up, expect the market to move higher, but not without some struggle as short-term overbought conditions will likely add some drag to the day-to-day activity. ❋ Chris Johnson (2006)

"This was a testament to the positive momentum behind the uptrend, which allowed long-term overbought conditions to be sustained for more than three years," Stockton said. ❋ Unknown (2011)

Because of the steepness of the rally and the short-term overbought conditions, traders have to be aware of the possibility of a near-term correction especially since Friday's U.S. Non-Farm Payrolls report typically triggers a volatile two-sided reaction. ❋ Unknown (2011)

A further run-up to short-term overbought levels might invite shorting opportunity on vulnerable producers with ugly charts.

As of Friday's close, shares of Coca-Cola are short-term overbought once again, despite trading well of the session's best levels. ❋ David Penn (2012)

Several of these miners, as well as the Market Vectors Gold Miners ETF GDX, which has the above-named companies in its top holdings, may be short-term overbought.

Against this backdrop, each benchmark is near-term overbought - the S&P has risen 4.7% across just three weeks - and a consolidation phase is overdue. ❋ Unknown (2012)

Short term overbought indicators may well kick in this morning, and drive the market back through to the 1.3280/70 support. ❋ [email protected] (Charmer Charts. (2010)

It is likely we will get a correction or consolidation period over the next few weeks that would relieve the short-term overbought condition and provide a better entry point for a possible next leg higher. ❋ J.D. Steinhilber (2010)

Now we have unwound the short term overbought scenario and in fact are showing to be oversold now on the ❋ [email protected] (Charmer Charts. (2010)

The conclusion for intraday engagements is: sell on short-term overbought levels. ❋ Swiss E Trade AG (2010)

Short-term overbought conditions could be triggering the weakness. ❋ ForexHound.com (2010)

While it is a positive sign for a group when the majority of its stocks are in uptrends, readings of more than 70% indicate the first signs of a short-term overbought situation. ❋ Unknown (2010)