overbought position

"The Dow refuses to go down, even in its overbought position, as it makes internal adjustments through rotation."

"At some point the market just has to succumb to an overbought position," said Philip J. Roth, a technical analyst with Morgan Stanley.

As for the market yesterday, Mr. Hale said, "it seems that from the way the market is behaving, U.S. investors think we are reaching overbought positions, but foreign investors who like the recent stability of the dollar are leaning toward Treasury securities as an attractive investment."