WEEKEND LOOK

Markets had a pretty pretty good week with the SPX climbing 4%+and the NAZ almost 5%. Next week should provide more excitement as we have earnings galore.

Technically, the SPX is now stretched at about 3.7% above its 50 SMA- the last time it was this far away from the 50 on the bullish side- October, 07. The biggest recent stretch to the downside - January 22 when it was almost 10% below.

The good folks at BESPOKE with some stretching stats of their own. Adam with some thoughts on what to do now that we are stretched and Cramer on why we will probably stretch further in the ag/nat gas group.

Markets are giving pretty typical over bought signals with the volatility indexes universally at/near the 10% below the SMA 10 line. RSI (2) levels also in over bought territory as follows:

SPX 96

DJIA 97

NAZ 92

NDX 93

RUT 85

MID 90

XLE 97

OIH 99

GLD 17

UNG 91

USO 99

MOO 80

DBA 17

DBC 66

JJG 18

BKX 90

XBD 94

IAI 95

GS 96

BTK 64

IBB 71

DRG 62

RLX 97

XRT 94

MSH 92

XLK 95

HHH 86

AAPL 97

GOOG 96