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Calling a Correction Let s take a long look at breadth, the overbought reading, and see why a corrective move is likely soon. Stocks quotes in this article: IWM The market is now back to an overbought reading. It s been a great move upward since we got oversold right before Christmas. Having spent December pinned to that 3,700 zone, the Santa Claus rally delivered. Yet, look at that overbought reading on the Overbought/Oversold Oscillator. That s a lower high, quite a serious lower high. We discussed breadth quite a bit last week (when don t we?!). But let s review. Monday s decline showed very little selling. Breadth was better in that 55 point decline than it was during the prior week s 8 point decline in the S&P. In other words we had good breadth in that one day whack; I viewed it as a positive. We had good breadth on Tuesday, too. Wednesday breadth started to wane and by Thursday it was a massive under-performer. So, as good as it was M

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