Beta Portfolio Shorts Positive
The beta portfolio is now positive after starting off weak. The NDX relieved some pressure today, but we are still in very oversold territory. There are some who are ready to jump out of longs and that makes me feel good about long in funds and short in stocks.
RSI(5) for the NDX still resides below 20 and at today’s low we saw low signle digits in the 5 and 6′s. Look back at history when this indicator gets to these numbers it means that we are ready to bounce.
The SOX led today with a large jump. I noticed AMD bounced 9% today.
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