Weekly ETF Rewind: Are Extreme Short Term Overbought Levels Bullish?

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 |  Includes: DBA, DBC, DBE, DBP, DIA, EEM, EFA, IWM, IYR, IYT, PWB, PWV, PXMG, PXMV, PXSG, PXSV, QQQ, SPY, TLT, UUP, XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV, XLY
by: ETF Prophet

By Jeff Pietsch

A strong holiday shortened week left the S&P 500 (NYSEARCA:SPY) higher by +2.6% with the NASDAQ 100 (QQQQ) up a full +5.1%. While the Santa Claus rally may well carry us into the new decade, I would be remiss not to mention that the vast majority of tracked equity ETFs have now reached extreme short-term overbought levels.

(Click Image to Enlarge/ Glossary)

Of course, extended overbought readings are a frequent byproduct of powerful bull markets.

Meanwhile, abbreviated week Fifty Three of 2009 features the following economic calendar and rotation model selections (a new feature for 2010!):

A Happy Holidays & Wonderful New Year to all of my Market Rewind Readers!

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Disclosure: Never Investment Advice