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New All-Time Highs in an Overvalued Market

Basic Materials: Underweight -- (412 stocks) Only 15 have buy ratings and 232 stocks or 56.3% are rated strong sell or sell.

Business Services: Overweight -- (248 stocks) 50 stocks or 20.2% have buy ratings and only 15 are rated sell.

Computer & Technology: Overweight -- (1184 stocks) 483 stocks or 40.8% have buy ratings and only 34 are rated sell.

Construction: Underweight -- (162 stocks) Only eight stocks have buy ratings and 82 stocks or 50.6% are rated strong sell or sell.

In this sector I track the PHLX Housing Sector Index (^HGX), (184.73) which was a market leader that's become a laggard. The housing index is up 7.8% so far this year and is down 12.0% from its May 20 high. A notable buy rated stock in this sector is home builder PulteGroup (PHM - Get Report) ($19.11). The stock closed Thursday just below its 200-day simple moving average at $19.22. My semiannual value level is $14.85 with a quarterly pivot at $19.37 and monthly risky level at $21.69.

Consumer Discretionary: Equal-weight -- (428 stocks) Only 11 stocks have buy ratings and only 24 stocks have sell ratings.

Consumer Staples: Overweight -- (269 stocks) 139 stocks or 51.7% have buy ratings and only four have sell ratings.

A notable buy rated stock in this sector is Dow component Coca Cola (KO - Get Report) ($40.81). The company reported a disappointing earnings report premarket on July 16, but weakness stayed above the stock's 200-day simple moving average at $39.11. Yesterday's rebound was a return to the 50-day SMA at $41.08. My monthly and quarterly risky levels are $41.29 and $42.46.

Finance: Equal-weight -- (3134 stocks) 96 stocks have buy ratings and 65 are rated sell.

The PHLX KBW Banking Index (^BKX) set a new multi-year high at 65.90 on Thursday, up 28.4% year to date. All 24 components of the banking index are rated hold. 17 components have reported their quarterly results and only two missed EPS estimates.
[Read: <a target="blank" data-add-tracking="true" href=" http://www.mainstreet.com/article/moneyinvesting/credit/debt/three-big-donts-rebuilding-credit-0"><em> Three Big Don'ts of Rebuilding Credit </em></a>]

Industrial Products: Underweight -- (361 stocks) Only 38 stocks have buy ratings and 152, or 42.2% are rated strong sell or sell.
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SYM TRADE IT LAST %CHG
GOOG $618.25 -1.92%
MMM $142.14 -1.44%
KO $39.32 -0.33%
MSFT $43.52 -0.93%
PHM $20.69 1.22%

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

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