The market is now oversold, but I would like to see the YI (Yogi Index) touch the -4 or -5 area before backing up the 18 wheeler to load up on new long positions.
The gold stocks are also oversold and trying to bottom out here, so I will be looking to add new long positions there with stocks like AEM, PDG, RGLD, HMY, etc as soon as I get some bottoming out and buy signals.
YI: -2.5
To buy: HMY
Trying to bottom out: TQNT
Extremely oversold: TASR and TZOO
Oversold now: ASA, CDE, HUI index, PBY, PDG, SATC, SMTC, SPIR, SWC, XAU index, and XRX
Moderately oversold now: AU, DELL, EMC, GYMB, INTC, PHI, RGLD, STMP, and SU
Trying to hold some rising trend line support: BBBY, June Dollar, HAL, JCP, LSS, NTES, and PLUG
Trying to hold some falling trend line support: MTF, NTAP, NWL, SFA, SNA, SSTI, WB, and XMSR
Trying to hold the 28 DMA: BBBY
To hold: TSY
Up against some rising trend line resistance: JNJ
Possible top here: SGP
And as is always the case of course, anything here may be completely off base.
Monday, April 18, 2005
Market now oversold but...
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1 comment:
Mr Signal man, doesn't this look like a bull trap?
I tend to agree, so I will be pattiently waiting for the next "possible top" or sell signals to buy QQQQ puts again, as I took profits on a previous bunch on Monday.
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