Markets have rebounded, oil is up, and Winter Storm Jonas is behind us, right? Not so fast, say two UBS analysts. Well, except about the storm...
"With the rally of the last few weeks and looking at our daily trend work, the SPX has reached its most overbought position since 2009!!” UBS technical analysis team Michael Riesner and Marc Müller wrote to clients on Tuesday. (Yes, they had two exclamation points. #passion)
The pair say they see the market ripe for a reversal this week, after a too-good-to-be-true rally last week. Their view isn’t shared by UBS on the whole, but they have a solid record to go on, calling the Dec. 5 downturn and the Feb. 11 rebound, Business Insider reports.
"We reiterate our last week’s call and would use strength to sell instead of chasing the market on the upside," they said in the note. [BI]
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