Markets rallied for one more day and extremely overbought conditions became even more overbought. Sector wise materials and homebuilders led the advance again while retailers and financials closed red. Q's again made a new high for the year and are clear leaders in this rally.
Tomorrow is options expiration and we could see some more volatility tomorrow. We are also very overbought short term which prompted me to take a short position in SPY thru SDS for a quick trade tomorrow. I suspect some weakness short term in couple of days.
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