Good Wednesday morning. I’m headed back home today and plan to have our VRA Podcast after the close.

The streak of ATH’s continued yesterday, however it’s doing so with a narrowing of the markets leaders, subdued internals and continued high call option purchases. The VRA System remains at 10/12 screens bullish, meaning we’re nowhere near the point of lightening up. And this is interesting; as Tyler covered in his podcast yesterday, only 53% of the S&P 500 sit above the 50 dma with just 55.8% above the 200 dma. Remember, we won’t come close to selling our VRA Portfolio positions until these readings approach 90% (and/or our ETF positions hitting EOBOS).

As to our major indexes, yes, all but one sits at extreme overbought levels (Russell 2000 has a lot of room to run), however neither index is at our most overbought levels of EOBOS (extreme OB on steroids). The reason? Money flows (MFI) have yet to even approach extreme OB levels. We believe the reason for this is that many in...