Early Monday, we brought you “JPMorgan: Buy The Prospective Dip,” which contained short excerpts from a new note that finds the bank gently suggesting that investors should view any transient weakness that comes along (if it ever comes along) as an opportunity:
Some warning signs are popping up, but stay constructive and keep buying any dips.
However, the bank’s Mislav Matejka did caution that “RSIs are overbought.”
Yes, yes they are. In fact, as Bloomberg’s Luke Kawa notes on Monday, “the 14-day relative strength index for the S&P 500, MSCI Asia Pac, MSCI World, Nikkei 225, and MSCI EM Index are all in overbought territory.”
Don’t believe him? Here, look:
As one friend of ours (“friend of mine, friend of ours“) who knows a thing or two about traveling the globe put it this morning, “equity euphoria is on world tour.”
So is there anything that’s not overbought?
Well, yes. But you’ll have to read Luke’s article linked above to find out what it is.