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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Here are charts of some current holdings:

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