THE OVER BOUGHT

The joy continues as markets trade near their highs without much in the way of pull backs.

Strongest sectors- gaming, oils, shipping, ags and internets while real estate, gold, metals and junk bonds lag.

NYSE- 2000 net green;

NAZ- 1160 net green;

NDX- 90 GREEN;

OEX- 95 GREEN;

VIX- down 6% at/near 37.6;

TRIN- .61;

Crude higher by $1.5 and starting to look like the lows are in for awhile;

EURO 1.39;

Looking to put out shorts - but not today - markets are very over bought short term with very high RSI (2) levels- a VIX stretched to the downside- and lots of overhead resistance- so perfect shorting territory - but waiting for next week as we probably close near the highs today.