From Bespoke Investment Group:
There are now 24 stocks in the S&P 500 that are trading more than 20% above their 50-day moving averages. That’s a high number. As shown below, Netflix (NFLX) is the farthest above its 50-day at 50.96%. Genworth Financial (GNW) is the second most overbought at 34.67% above its 50-day, followed by Whirlpool (WHR), Eastman Chemical (EMN), Bank of America (BAC), and Textron (TXT).
Long investors have done extremely well over the last month or so. Rest assured, however, that there will one day be a pullback again! The problem with waiting for a pullback to buy is that the market can go a lot higher before that pullback occurs, just as the market can go a lot lower while waiting for a bounce to sell.
