Signals: Update based on the May 1, 2008 closing prices.

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.

Friday, May 2, 2008

Update based on the May 1, 2008 closing prices.

YI: +3
Possible bottom here for: SUN
Trying to bottom out in this area: CREE, MEOH, and STX
Moderately oversold now: PLL and SEE
Trying to hold some rising trend line support: C, JCP, PEG, RGLD, and SEE
Attempting to hold the 28 DMA here: ACH, ERF, GIS, OKE, and PDS
Trying to break above some falling trend line resistance: BGF, BMY, and MER
Up against rising trend line resistance: NYB
Moderately overbought now: BMY, BPOP, and NST
Standard overbought: PLT
Anything posted here may be off base.

No comments:

Subscribe to: Post Comments (Atom)