Most Overbought Stocks in the S&P 500

At the open today, 313 of the 500 stocks in the S&P 500 were trading in overbought territory (more than 1 standard deviation above their 50-day moving averages). Below are the stocks in the index that are the most overbought. In the screen below, the right side of the dark red zone represents 3 standard deviations above the 50-day moving average, and many of these names are trading right at this level. Qwest Communications (Q) is the most overbought stock in the S&P 500 at the moment, trailed closely by Travelers (TRV), CenturyLink (CTL), Oracle (ORCL), Discovery Communication (DISCA), and Forest Labs (FRX). Apple (AAPL) is right up there as well. And big retail names like Kohl's (KSS), Wal-Mart (WMT), and Best Buy (BBY) are also on the most overbought list. All of these names have clearly had a nice run over the last couple of weeks, but at these levels it's tough to make an aggressive bet on the long side. It's probably worth waiting until they get a little closer to their normal trading ranges before putting on a long trade.