Editors Note:

The 5% gain in the Dow and 10% rally in the Russell 2000 has reversed severe oversold conditions into severe overbought conditions. Buying any stock that has rallied 7% to 10% and in some cases as much as 30% over the last week, is a recipe for disaster. We just need to be patient and wait for a pause. It will happen. Markets may streak but they always take profits eventually.

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