Short Term Oversold

Markets may be in for some sort of bounce in the next few days based on this data from Bespoke Investment Group. The data set is a day old but no less relevant after yesterday.   According to Bespoke:

"For each sector, the dot represents where it is currently trading within its range, while the tail represents where it was trading one week ago.  The green shading represents oversold territory (more than 1 standard deviations below its 50-day moving average), while the red shading represents overbought territory.

As shown, the S&P 500 and two sectors -- Consumer Staples and Industrials -- have moved from overbought to oversold in just five trading days.  Consumer Staples has had the biggest negative swing, as it is now more than two standard deviations below its 50-day.  Technology and Telecom are the other two sectors that are oversold.  

While five sectors were overbought last week at this time, no sectors remain overbought after today's big market decline.  Just three sectors remain above their 50-day moving averages -- Health Care, Utilities and (surprisingly) Financials."

*Long ETFs related to the S&P 500 in client and personal accounts.  In addition we own various sector ETFs listed above in both client and personal accounts.

Finally a note on posting.  I'm still trying to work the kinks out of my new system which has been giving me fits over the last month and has reached a breaking point this week.  While I'm able to put something like this up today, its taking me 3x the amount of time and effort as in the past.  Frankly I don't have that kind of time.  I have somebody coming in here tomorrow that is hopefully going to set everything up in a way that works and in a way that I can understand.  I will post tomorrow if able but should be back in the saddle next week.