Tuesday, June 12, 2007

New highs at new lows

Take a look at NYSE new highs. They are currently at levels that have indicated bottoms over the last 4 years. Just another sign that this market is very oversold. When markets get extremely oversold smart money starts looking for bargains. I've also noticed that everybody seems to be jumping on the high interest rate train. When everyone is thinking the same thing it usually means that nobody is thinking.