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Overbought Is A Relative Term

By Jeff Pierce

Since November lows the Nikkei has risen 6k points vs 2500 on the Dow. Yes I think the markets are overheated and due for a pullback, but it's not a given so be careful to not let any trading bias dictate your plan.

My timing signal on US equities has been taken a hit over the last few weeks as it signaled a pullback was coming and yet the markets continued to rally. All I can really say is the markets are being different right now and I don't know if it means different bad or different good. So I've been playing both sides of the market, but clearly the market wants to go higher.

(click to enlarge)Click to enlarge

(click to enlarge)Click to enlarge

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