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I'm a new Fool, and am really delighted with the community spirit, and how helpful it is.

Can someone tell me what is meant when a market segment or the market in general is described as oversold or overbought?

Also, what do they mean on CNBC's Squawkbox when they refer to "Fair Value" of the market? They frequently say that it and futures are either up or down, and that that indicates a positive or negative signal for the opening of the market. I sent this question to CNBC and got the automated reply that they received my message - but no further response.
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