Bullish Percent Indicators

Hi, was wondering what the significance was of a sector being overbought in terms of the BPI. Like Transports, which are above 70. I've noticed that some of the "hot" sectors are more in the middle range while Transports stood out as being overbought. Does overbought in BPI mean anything different than it would mean in say RSI/Stochs, or is it a more formidable indicator? Thanks.

Here is one way of using them from IYB's Seven Sentinals:

Here is the general rule that I use (always though keeping the context of the market firmly in mind):

For $BPCOMPQ, when reading drops either from above bolinger bands, into same, OR from within BB's to below same...that is a sell signal. Buy signal is a crossing from below into bands, or from within to above bands.

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http://stockcharts.com/c-sc/sc?s=$BPCOMPQ&p=D&yr=1&mn=0&dy=0&i=p91961785884&a=25108114&r=2509.png

Interesting, thanks. Looks promising.