Near Term Over Bought -Or Are We?

Ambac to the rescue again after S&P reaffirmed their AAA rating. If they are triple A then I am quadruple A. What a joke, it seems like these rating agencies will do anything to prevent what they perceive as a disaster if the ratings get cut. Their credibility is in the crapper anyway,where were they a year ago when we really needed them? Oh, I forget, getting paid by the very guys they insure. No conflict of interest there, ya think?
Anyway, as I said yesterday, everybody is still leaning short so we get these vicious moves. I wouldn't want to be too long in here because we have had a lovely jump from Fridays lows. I think Ambac was the reason for both rallies and I think the market is out of ammo for a further catalyst higher for now. The SPX tagged a new 8 day high but NDX lagged and hasn't confirmed the S&P, so hopefully it can jump in the pool soon.
CHNR which I mentioned this morning acted very well and I expect more upside there. Hope you had a great day.