Richard Gobel, owner and operator of Strategic Stock Trade, has more than 30 years of experience in the investment business.
Over the past few years, he has been using technical analysis and algorithms to develop day-to-day trading strategies to make financial decisions.
One of the keys to his success has been seeking out extreme conditions in the action of stocks. Using those extreme set-ups has guided him in initiating long and short positions based on trading algorithms to track extreme set-ups. When a stock is at its most extreme overbought condition, it will be flashing between 99-100 on his Extreme Set-Up scale. And when it is at its most oversold condition, the stock will be flashing between 1-0.
All indexes are now extremely overbought. Just wait until Janet Yellen speaks Friday.
The stock indexes are all in overbought territory and the Nasdaq and SPY will be extremely overbought on a 'green' open tomorrow.
The stock indexes are approaching all-time highs again with no volume to speak of. There is no buying conviction so buyer beware.
The stock indexes were whipsawed as triple witching option expiration and other tensions created heavy volume.
his is not a bullish scenario as the hedge funds can resume the selling at any time.
The stock indexes finished higher on Wednesday, as expected, with no volume. This is bearish on the margin.
The stock indexes closed lower on decelerating volume. That is bullish on the margin.
As the stock indexes continued their relief rally on Monday, the upside volume was lower versus Friday, which was lower versus Thursday.
The stock indexes closed with a strong upside bias Friday. This was expected because of the extreme oversold signal on Thursday.
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