- Moderately oversold: JNJ
- Trying to hold some rising trend line support: GYMB, MEOH, PLL, SLE, SMH, SWC, and XLF
- Trying to hold falling trend line support: HIT, NFI, and WB
- Trying to break above some falling trend line resistance: IDA, RIG, and SKS
- Attempting to break above the 28 DMA: PTEN
- Moderately overbought: IDU and SBUX
- Standard overbought: GLD, KGC, NEM, and STX
- Extremely overbought: IBM, JNPR, and the XNG index.
- Possible top for: The XAU index.
- A break out in either direction is on the way for: INTU and OGE
- More later. Anything here could be off base.
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.
You meantioned SWC here.
ReplyDeleteSWC down another 8.25% today. In the past three days it dropped a total of 20%. SWC is the only palladium and platinum producer in the US. Palladium and platinum are very important precious metals that see price trippled in the past three years. This is a stock with extremely bullish fundamentals and this may well be the CAPITULATION event where you get an excellent entry point. See my analysis of the SWC fundamentals.