By Jeff Pietsch
Our second holiday shortened week left the S&P 500 (NYSEARCA:SPY) lower by -0.5%, although Emerging Markets (NYSEARCA:EEM) managed to finish higher by +1.8%. Just as last week the vast majority of tracked equity ETFs had reached extreme short-term overbought readings, the late Thursday sell-off left equities at the opposite extreme. Normally I would look for follow through on that move, but with volume as light as it was and coming into the beginning of the month, we'll just have to see.
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