Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
We're in for more volatility, but complacency is getting wrung out -- plus, what about those banks?
Nasdaq is at all-time highs and yet we have more than 100 stocks making new lows, with fewer new highs at 90; this is a concern.
Just a few days ago everyone was so jolly as the S&P 500 climbed over 3000, but then the market got overbought and the number of stocks making new highs began contracting compared with a month ago.
We saw selling Wednesday as we’re overbought, complacent and looking at weakening indicators.
With 107 new highs for Nasdaq, we saw only 37 more new highs than new lows: Poor odds for picking stocks.
While the Investors Intelligence bulls ran up to 58%, the bears budged down just a bit, meanwhile new highs are contracting.
We are overbought and sentiment is still elevated, so volatility should tick up in the coming week.
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