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Overall, most of the indexes and individual sectors showed strength this week when measured by the Bullish Percent Indicators. The following tables speak for themselves. Offense definitely dominates both the broad indexes and the specific sectors of the market.

Bullish Percent Indicators of Indexes: All the major indexes are now in the hands of the offense as the DJIA moved from defense to offense. Our most important index, the NYSE, gained additional ground as more stocks turned bullish. As mentioned in prior BPI posts, the concern I have is that we are in over-bought territory for most stocks. It is anyone's guess how long this can continue.

Click to enlarge tables

Index Bullish Percent Indicators

Bullish Percent Indicators of Sectors: All sectors, with exception of utilities, are offense driven. Just check the red background and one can see we are in over-bought territory with most sectors. Discretionary moved above the 70% line this week bringing to eight the number in this zone of concern. While we prefer a strong market, these conditions do not provide the same opportunities for upward growth as when the markets are in the buy zone.

Sector Bullish Percent Indicators

Source: Bullish Percent Indicators For 11 January 2013