Correction looming?

Rick_PendergraftI have mentioned on several occasions that there are scans that I run on a nightly and weekly basis. These scans look at several overbought/oversold indicators and volume. The idea behind the scans was to reduce the number of charts I was looking each night from thousands down to one hundred or so. In order to write the code for the scans, I went back and looked at different scenarios and what the indicators were doing just before a stock or ETF made a big move. Up or down didn’t matter because I have always considered myself to be a trading mercenary—I go with whichever side is going to make me money, the bulls or the bears.

Here’s what I saw…

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