Signals: Afternoon update for April 30, 2009.

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, April 30, 2009

Afternoon update for April 30, 2009.

Yi: +4
Extremely oversold here: QID
Moderately oversold: $GOLD, AEM, BMY, CNK
Attempting to hold the 28 day moving average: AA, AVAV, AVP, BAC, PG
Attempting to hold the 65 day moving average: CNK, GFI, VFC, X
Attempting to break above the 28 day moving average: MBI and UGA
Attempting to break above the 65 day moving average: GIS, IDA, KFT, SPWRA, XLU
Moderately overbought now: DDM, FSLR, PEP
Standard overbought: NAT and QQQQ
Extremely overbought: SWK, V, XOP
Toppy here: GA, IRF, MSCC, UGP
Possible top here for: JOSB, MTH, TPX
A break out in either direction is on the way for: GPC and MCD
Anything posted here may be off base.

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