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Industrial stocks poised for a pullback

Canadian equities as a whole continue to show froth in terms of Relative Strength Index (RSI) but not the dangerously overbought levels of late October. The S&P/TSX Composite is tentatively attempting to breach the 13,500 psychological barrier.

In sector terms, the main stories remain the overbought nature of financials and the oversold status of precious metals stocks. Also, industrials are starting to look a bit toppy.