Stocks Tumble From Extreme “Overbought” Levels

With the McClellan Oscillator screaming overbought (most since the post-Lehman hope bounce)…

The two best-performing indices in the last 3 week’s yuuge short-squeeze bounce are also at extreme overbought levels.

Trannies are as overbought as they were at the peak in Nov 2014 (after Bullard’s QE4 bounce)…

And Small Caps are as overbought as they were at their peak in June 2015.

While today’s weakness is too early to call it, “Most Shorted” stocks have not been hit in 24 hours… an crude is rolling over too.