Here's an update to my Overbought/Oversold indicator. This indicator is constructed by taking readings from 30 different stocks in 10 sectors and averaging their current readings over a couple of different time frames. As you can see, we just went from oversold to neutral.
At this point, I am patiently waiting for it to reach the "Buying Pressure" levels and then I will look for short signals to initiate new short positions. The short positions will be premised on the market still being in a downtrend overall, which it is right now.
TLT
At this point, I am patiently waiting for it to reach the "Buying Pressure" levels and then I will look for short signals to initiate new short positions. The short positions will be premised on the market still being in a downtrend overall, which it is right now. 
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