PRE MARKET

Markets are set to open near the flat line and it will be interesting to see what happens if the SPX approaches the 1,528 level again.

Be aware that the markets are overbought with the 2 day RSI on the SPX at 93; IWM at 87; DJIA at 77; QQQQ at 86 and the OIH XLE combo as overbought as I have seen as both have 99 readings for the last two days.

Finally, looks like Captain Kirk is helping out the MGM longs a bit today (+25%) with his quest for strategic alternatives and higher prices (he owns over 50% of the company). I mentioned it a few weeks ago as the gaming stocks were out of favor for a bit and bought it as it was trading down in the low 60's; also funny to read the comments on that post.