- Yi: +3
- Now trying to bottom out: ELN and PLG
- The VIX is now indicating a standard overbought reading for the market.
- Moderately oversold here: KFT
- Attempting to hold the 28 day moving average: BMY
- Attempting to break above the 65 day moving average: ACAS, ARM, C, LDK, NST, OCR, PLL
- Moderately overbought now: $DJW, $GOLD weekly chart, AVP, BAC, BBT, PTEN, ROK, TSL, USB, WFC, XLF
- Standard overbought: ACH, AXP, B, F, FXI, JOSB, PBY, UGP, WOR, WSO
- Extremely overbought: SHI
- Toppy here: IBM, PGM, PHI
- Anything posted here may 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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