The S&P 500 oscillators are in the extremes of overbought as far as the broader indices are concerned. I'm actually quite amazed we have not retraced anywhere near the levels I thought we would have by now. But we still have two more days this week to do so. I do not know many traders or investors that are comfortable with how overbought the market is right now. Being long is a crowded trade. Once the road gets pulled, the Exodus could be substantial and this particular ETN will run up.
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