Thursday, February 01, 2007

Is The Market Getting Overbought?

Today was another solid day. Breadth was very strong also. But one of the things I would highlight as a slight concern is the number of new highs on the NYSE.

We had 384 new highs today, quite a number. The last time we saw this many highs, we were about a week away from a short-term market top. Now, I'm not saying that anytime the new highs hit this level, that you need to sell. Just that we might be getting a tad overbought in the short-term.

Small and mid-caps really led the way today (+0.9%), while the COMP was +0.2% and the NDX was actually negative.

Tomorrow morning we get the always overanalyzed payrolls report. I'm betting that we come in a little below the 150k consensus. Should be up.


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