Daily Update for 5/15/06

YI: +2 (The YI has fallen nicely since it signaled an overbought reading for the market on 5/8/06 with a +4.5 reading... Ideally, we would look for a zero or a plus or minus 0.5 reading before a significant market rally takes place, but there have been times in the past when the YI gapped down below the zero level to an extremely oversold reading, so eventually that will happen once again of course.)

To a buy: MAT and the XAU hourly at 3 PM on Friday.
A possible bottom may be forming in this area for: PLT
These three are trying to bottom out at least temporarily in this area: ADP, PMCS,
and QLGC
Standard oversold at this point are: CSTR, JDSU, RMBS, TSY, and the XCI index.
Moderately oversold now: AIG, AMD, CSCO, CREE, ELY, EOG, GLW, KEA, NSM, NVLS, PNRA, Q, QCOM, RI, SBUX, SMA, STX, TSS, WB, and YHOO
Trying to hold on to some rising trend line support are: AA, ABX, AEM, the BKX index, BMY, CDE, CHK, IBM, IYM, KGC, LMT, LYO, MRK, RADN, RHAT, RNR, SKS, SNDK, SPC, TKR, WOR, and the XNG index.
Trying to hold on to some falling trend line support at this level: AMTD, BPOP, GPC, JOSB, MRVL, THQI, and VIGN
Attempting to hold the 28 DMA here: AAPL, ASA, CBK, CGI, HMC, IDA, IFN, JCP, PDE, SYMC, TZOO, and YCC
To no position for now: IFN
Trying to break above some falling trend line resistance is heating oil...
Anything posted here may be off base.