CHART OF THE DAY: History's Highs #Overbought

Circling back to yesterday’s signals (I issue them daily with my Real-Time Alerts service):

1. SP500: the top-end of my immediate-term @Hedgeye Risk Range = 2483
2. Total US Equity Market Volume (including dark pool) was +3% vs. its 1-month average yesterday
3. VIX: the vol of volatility isn’t signaling that the VIX closes much below its all-time low of 9.31 

Based on my risk ranges, if I was running a hedge fund again:

A) My longs were overbought
B) My shorts were oversold 

When that happens, the playbook of the process says you simply book some gains and raise cash so that you can re-invest on pullbacks to the low-end of the range in whatever it is that you might like at lower prices.