I am going to keep it very brief tonight. Short-term seasonal weakness lies ahead. Every month around options expiration I state that the trading day following options expiration is bearish and I do not expect price action to be much different this time around.
I am still hesitant to step in until I see more of a extreme reading in our overbought/oversold readings, so I will patiently wait on the sidelines until a highly probable set-up occurs.
Expirations have a tendency to start out sideways and drift slightly higher as the day progresses. The real action should begin next week.
Sorry to keep it so short tonight, but I think I might be coming down with a case of March Madness. Tomorrow I will discuss the upcoming condor position as well as a few other interesting financial factoids.
Overbought/Oversold levels for March 15,
2007
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SPY - 44.9 (neutral)
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DIA - 41.7 (neutral)
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IWM - 51.2 (neutral)
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QQQQ - 47.8 (neutral)
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OIH - 58.3 (neutral)
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GLD - 41.0(neutral)
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Have a great night!
Andrew Crowder, Chief Investment Strategist,
www.crowderinvestments.com