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The Top Five Overbought ETFs in the Market Today

Mr. Market is at it again. After a brief correction on 9/25, the S&P has managed to climb slightly higher, but that hasn’t stopped some of the ETFs I follow from pushing into a short-term overbought state. As a result, here are the top 5 ETFs that currently sit in an overbought state.

Debt Ceiling Chicken

The game of "debt ceiling chicken" continues as Congress delayed a vote on Speaker Boehner's latest plan until tomorrow. Apparently, the GOP doesn't have the votes to pass it, which would lead to the adoption of Senate Leader Reid's plan.

I suppose this is par for the course at this point. But let's not make the mistake of thinking that Congress is trying to do what's right. They are laying politics to push the agendas of their biggest campaign donors.

For instance, Rep. Eric Cantor has been perhaps the most vocal member about not raising taxes, or closing loopholes that would result in a net gain in tax revenues. But yesterday, the Washington Post reported that Cantor has taken in $2 million in campaign contributions from hedge funds and private equity firms who don't want to see their taxes raised by the Obama administration.

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