Signals: Update based on EOD May 16, 2008.

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.

Sunday, May 18, 2008

Update based on EOD May 16, 2008.

YI: +5 (So the maket is now "officially" overbought again.)
Trying to bottom out in this area: TSU
Up against rising trend line resistance: DJ-30, IWM, and MMC
Trying to break above some falling trend line resistance: EWJ, GPC, and SEE
Attempting to break above the 28 DMA here: ABX and NWL
Moderately overbought now: AEM, ASA, CSL, GG, and MDC
Standard overbought here: GF, NYB, S&P-500, SVU, and VXO
Extremely overbought: IBM
Toppy: CY and IYY
Possible top here for the QQQQ.
A break out either way is on the way for: AVP
Anything posted here may be off base.

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