Educational use only. Never intended as advice.

I've already reviewed the relatively overbought condition (mildly by VXO extension, moreso by stochastics oversold and 10 day overbought parameters). I just wanted to mention a couple of items about relative strength on some major ETFs.

1. There are now 43 ETFs trading an average of over 400K shares/day

2. There are now 28 ETFs trading an average of over 1M shares/day. I have no doubt that ETFs will eventually an even more preferred trading and hedging vehicle.

3. In the past 20 sessions, the SPY is up 2.09%. BBH, RKH, OIH, and XLF are all up over 5% during this timeframe, with BBH up 9.2%. BBH is a good proxy for short and longer-term speculative 'juice'. While OIH is up, XLE is net negative. The worst performing active ETFs (the 43) during this time include UTH, XLU, GLD, TLT, and EWT. "Mean reversion" traders would probably already have noted this (long TLT and selected gold shares).