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Overvalued / Overbought Stocks are Vulnerable in 2011

Overvalued / Overbought Stocks are Vulnerable in 2011

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Published by ValuEngine.com
The rise in the 10-Year yield is overdone and under the influence of my semiannual pivot at 3.479 after a high of 3.565 on Wednesday. A rising 30-Year bond yield is a drag on equity valuations. Comex Gold remains between this week’s value level at $1377.4 and my monthly risky level at $1443.5. Nymex Crude oil remains influenced by my weekly pivot at $88.76. The euro is back below my quarterly pivot at 1.3318. The Dow Industrial Average traded as high as 11,519 on Wednesday then closed below my weekly pivot at 11,467. Stocks are overvalued according to ValuEngine and overbought technically on both daily and weekly charts. The major averages straddle this week’s risky levels / pivots at 1242.9 SPX, 2643 NASDAQ, 5141 Transports, 770.13 Russell 2000, and 428.02 Sox. The NAHB Housing Market Index remains depressed at 16, well below the neutral 50. We now have 123 Deadbeat community banks reneging on TARP dividend payments.
The rise in the 10-Year yield is overdone and under the influence of my semiannual pivot at 3.479 after a high of 3.565 on Wednesday. A rising 30-Year bond yield is a drag on equity valuations. Comex Gold remains between this week’s value level at $1377.4 and my monthly risky level at $1443.5. Nymex Crude oil remains influenced by my weekly pivot at $88.76. The euro is back below my quarterly pivot at 1.3318. The Dow Industrial Average traded as high as 11,519 on Wednesday then closed below my weekly pivot at 11,467. Stocks are overvalued according to ValuEngine and overbought technically on both daily and weekly charts. The major averages straddle this week’s risky levels / pivots at 1242.9 SPX, 2643 NASDAQ, 5141 Transports, 770.13 Russell 2000, and 428.02 Sox. The NAHB Housing Market Index remains depressed at 16, well below the neutral 50. We now have 123 Deadbeat community banks reneging on TARP dividend payments.

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Published by: ValuEngine.com on Dec 16, 2010
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12/16/2010

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Richard Suttmeier is the Chief Market Strategist at
www.ValuEngine.com
.
 ValuEngine is a fundamentally-based quant research firm in Newtown, PA. ValuEnginecovers over 7,000 stocks every day.A variety of newsletters and portfolios containing Suttmeier's detailed research, stock picks,and commentary can be found at
http://www.valuengine.com/nl/mainnl
 
December 16, 2010 – Overvalued / Overbought Stocks are Vulnerable in 2011
The rise in the 10-Year yield is overdone and under the influence of my semiannual pivot at3.479 after a high of 3.565 on Wednesday.
A rising 30-Year bond yield is a drag on equitvaluations.
 
Comex Gold remains between this week’s value level at $1377.4 and my monthlyrisky level at $1443.5. Nymex Crude oil remains influenced by my weekly pivot at $88.76. Theeuro is back below my quarterly pivot at 1.3318. The Dow Industrial Average traded as high as11,519 on Wednesday then closed below my weekly pivot at 11,467. Stocks are overvaluedaccording to ValuEngine and overbought technically on both daily and weekly charts. Themajor averages straddle this week’s risky levels / pivots at 1242.9 SPX, 2643 NASDAQ, 5141Transports, 770.13 Russell 2000, and 428.02 Sox. The NAHB Housing Market Index remainsdepressed at 16, well below the neutral 50. We now have 123 Deadbeat community banksreneging on TARP dividend payments.10-Year Note
– (3.512) My daily value level is 3.555 with a semiannual pivot at 3.479, and weeklypivot at 3.176, annual pivots at 2.999 and 2.813, and quarterly, semiannual and monthly risky levels at2.265, 2.249 and 1.949.
Courtesy of Thomson / Reuters
 
 
Comex Gold –
($1386.2) Weekly, daily, quarterly, semiannual and annual value levels are $1377.4,$1372.1, $1306.4, $1260.8, $1218.7 and $1115.2 with a monthly risky level at $1443.5.
Courtesy of Thomson / Reuters
Nymex Crude Oil
– ($88.62) Semiannual, annual and monthly value levels are $83.94, $77.05 and$75.50 with daily and weekly pivots at $87.44 and $88.76, and semiannual and annual risky levels at$96.53 and $97.29.
Courtesy of Thomson / Reuters
 
 
The Euro –
(1.3216) Daily and monthly value levels are 1.3147 and 1.2500 with weekly and quarterlypivots at 1.3227 and 1.3318, and semiannual risky level at 1.4733.
Courtesy of Thomson / Reuters
Daily Dow:
(11,457) Semiannual, annual, monthly and quarterly value levels are 10,558, 10,379,10,325 and 8,523 with annual and semiannual pivots at 11,235 and 11,296, and daily and weeklypivots at 11,439 and 11,467.
 
Courtesy of Thomson / Reuters

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