Signals: Update based on the close of August 7, 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.

Thursday, August 7, 2008

Update based on the close of August 7, 2008.

YI: -3
Oversold: GLD
Moderately oversold: QID
Trying to hold falling trend line support: AKNS, EWJ, PDS, and XSLV
Attempting to hold the 28 DMA here: RGLD
Trying to break above some falling trend line resistance: AAUK, CSIQ, GF, GOOG, PEP, TPX, TSL, TSM, and VFC
Attempting to break above the 28 DMA here: JASO
Moderately overbought now: MSCC, QQQQ, and the VXO
Overbought: JNJ
Possible top here for: GIS
Anything posted here may be off base.

Thursday, August 7, 2008

Update based on the close of August 7, 2008.

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