Repeating Market is Oversold

No one seems to be listening :-)

Also repeating that markets being oversold does not mean we will immediately have a bounce. They can stay oversold for a long time.

We are back to seeing the same old phenomena in the markets again though.

Everything is bad except technology. Here is more proof (at least from today’s action).

(Note that XLK has AAPL, MSFT and NVDA; XLC has META, GOOGL and NFLX; XLY has AMZN and TSLA. There is your “Magnificent 8”).

Markets are indeed extremely oversold.

XLU and XLE should be bouncing just because ….

I will be surprised if we do not get an overall bounce in the markets tomorrow morning at the very least. What happens after that is to be seen.

I took off all my shorts during the trading day and put on some small longs at the close today.