Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

Public Heel....

If you look at any of the traditional measures of overbought/oversold sentiment (Williams %R, slow or fast stochastics, ultimate oscillator, etc.), all are showing oversold, or were going into today. This rally has not gone far, but has had a ton of churning on the upside which has relieved the oversold conditions, especially the short term measures.

Additionally, the somewhat sideways to slow down movement during the congestion last week allowed most tech stocks to lengthen the spread between the lower BB and the current price, and that has been further widened by today's rally.

While the intermediate measures are still somewhat oversold, they now have room to go back down - the longer term measures were never all that oversold to begin with.

Hope that helps.

mlsoft