Thursday, May 7, 2009

Markets Are Overbought, RSI7 Update: SPY, DIA, XLF, IWM, USO, UNG

The markets are well into overbought territory according to the RSI7 indicator. Here are the numbers as of the close yesterday:

SPY: 79.60
IWM: 73.38
XLF: 74.42
DIA: 79.65

Oil and Natural gas:

Oil is overbought, natural gas is almost there.

USO: 72.95
UNG: 67.46

Note that we are in the middle of the USO rollover. Any spike up today could be a golden opportunity to short oil, if the pattern repeats from previous rollover months.

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