Signals: T.A. update for the open, December 8, 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.

Tuesday, December 8, 2009

T.A. update for the open, December 8, 2009.

Yi: +4.25
Moderately oversold now: ABX, NOK, PTEN, SU, WFC
Attempting to hold the 65 DMA here: AVAV, FCX, PTR
Trying to hold rising trendline support: $SPX, FRO, IBM, KBE, NWL, OCR
Attempting to hold the 28 DMA here: $GOLD, AEM, GLD
Trying to hold falling trendline support: LEN
Attempting to break above the 65 day: GF
Trying to break above falling trendline resistance: ACAS
Moderately overbought now: CAKE and TAN
Average overbought: DVY
Toppy here: $SOX, GIS, GLW, T, YGE
Going parabolic: CNK
A break out in either direction is on the way for: HCBK
Anything posted here may be off base.

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