- YI: -3.5
- Possible bottom here for: AAPL, FCX, and GOOG
- Trying to bottom out in this area: FCX, GFI, and GGB
- Extremely oversold now: ERIC
- Standard oversold: The DRG index.
- Trying to hold falling trend line support: DELL and GLW
- Trying to break above some falling trend line resistance: ACH, ARM, CLF, CPB, EEM, EJ, ERIE, GE, HIT, HMC, HON, IBM, IDU, and IWM
- Trying to break above the 28 DMA here: ALD and GG
- 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.
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