Tonight I have no interest in figuring out whether the market is generally going higher or lower. Building on my RSI 93/10 posts from last week, tonight I’m looking at a number of stocks that are extremely overbought and at key resistance levels. The indexes are generally overbought, but these “irrational longs” look like slam [...]
Last week we blasted higher mainly fueled by earnings from companies such as Goldman Sachs, Citigroup, JPMorgan and Bank of America. IBM, a non-financial, also had a good earnings report. None of the banks actually produce anything and they are all beneficiaries of relaxed accounting rules and government support. I wouldn’t exactly base my hopes [...]