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.