With the S&P 500 Just Ten Ponts Away ... Looks As Though It Has Now Moved Back Into Overbought Territory. With this, and by my thinking, I now rate it a hold due to valuation.
http://www.bespokeinvest.com/But, others might be seeing things a little different ...
"As for tomorrow, bulls have control. Pullbacks will offer buying opportunities as the swing low develops as support. Tech averages are best positioned for gains, but the Russell 2000 has plenty of room to run before encountering resistance."
http://www.markets.fallondpicks.com/2014/08/daily-market-commentary-moving-averages.html?
And, another trader's perspective ...
"The NYSE McClellan Oscillator is now firmly in short term oversold territory."
(I think this is a typo and they mean overbought according to the below linked chart.)
http://www.stocktradingtogo.com/2014/08/19/sttg-market-recap-august-19-2014/?
So what's one to do? For me, it is sit back and watch as I am fully invested within my asset allocation ranges as I await another good market dip (3% to 5% off the 52 week high for the 500). Might do a little more buying then. I'll just have to wait and see and read the tea leaves at this point in time. For now ... score me as just looking.
Have a good evening ... and, most of all, I wish all ... "Good Investing."
Old_Skeet
