Signals: Made a typo on the YI, it should have read -4.5, not -2 for Friday's close.

For those of you who have inquired, the "Yi" is my own proprietary overbought/oversold indicator. A +10 reading generally indicates we are overbought in the overall market, and -4 or a -5 reading is telling us the market is a bit oversold. The "zero line" in between the plus and minus readings will sometimes act as an area of support or resistance, so I tend to keep an eye on that level also. A reading of +20 is extremely overbought, and a -10 indicates the market is extremely oversold.

Monday, July 30, 2007

Made a typo on the YI, it should have read -4.5, not -2 for Friday's close.

So once again, the YI was a useful TA tool, indicating a possible short term bottom on Friday when it dipped to the -4.5 level, just one half a point from the bottom of its range. Sorry for the mistake, and I will now correct the YI number on the post made this morning.

Monday, July 30, 2007

Made a typo on the YI, it should have read -4.5, not -2 for Friday's close.

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