- Yi: +6.74
- Extremely oversold here: FUQI
- Oversold: PTEN
- Moderately oversold: YGE
- Now trying to hold some rising trendline support: ABX, CNK, EEFT, GG, MEOH, TSM
- Up against rising trendline resistance: ACF and EGO
- Trying to break above some falling trendline resistance: COGO
- Attempting to break above the 65 DMA here: AA
- Moderately overbought now: $BDI-weekly, $GASO, DELL, EWJ, EXP, GPC, HCBK, MFE, RGLD
- Overbought: $DJW, $DJX, $HGX, $PLAT, $SPX, ARM, IRF, NOK, WFC, WY
- Extremely overbought: DVY
- Toppy here: $HGX, ARM, AVP, ELY, GE, IWM, NWL, OCR, WHR
- A possible top here for: BBT, F, LOW, QQQQ
- A break out in either direction is on the way for: NAT
- 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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