Yes, it's a V bottom, and the market has covered some considerable ground since its October low. Has it gone too far, too fast, and is due to whip right back to the downside? Yes, it is overbought extremely overbought. Here is what the charts are saying.
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Friday Morning Reads – 11-7-14
Stocks closed at a fresh record high again yesterday. This morning brings a new trading session and the chance at yet another record close. The jobs report will be out in a little while. Jobs? Who cares about jobs. It seems like the less people who are working the higher the stock market goes, or vice versa. It really doesn't matter. When you have central banks around the world buying everything under the sun with freshly minted fiat current... the stock market is your oyster.
Here is what I am reading this morning:
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