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Bullish Sentiment High In Overbought Market
By: Scott Johnson   Tuesday, August 04, 2009 12:39 PM

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As the market hits new highs, bullish sentiment is reaching extreme levels. A quick look at the SPX bullish percent index shows us to be significantly overbought.



We have a lot of economic reporting this week, particularly relating to employment and manufacturing, along with the continuation of earnings season. Meanwhile, index charts are in a clearly bullish orientation. It would be nice to see some sideways action, which would work off overbought conditions and set up more charts for low-risk entries.

Here are charts of some current holdings:


- Pegasystems Inc. (NasdaqGS: )



- Radiant Systems, Inc. (NasdaqGS: )



- NVE Corporation (NasdaqCM: )



- Genoptix, Inc.

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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
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