Signals: T.A. update for the open, May 19, 2010.

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.

Wednesday, May 19, 2010

T.A. update for the open, May 19, 2010.

Yi: +3.55
Now trying to bottom out: $CRB, $WTIC, NOK, UGA
Extremely oversold: $CRB
Oversold: $GASO, FCX, UGA, V, WDC, WFR, X
Moderately oversold: F, FSLR, LOW, NM, OCR, SU, USB, WOR, XLF, XOP
Trying to hold rising trendline support: $GOLD, $OEX, GG, LPL, WY
Attempting to hold the 65 DMA here: $PLAT, KGC, LEN, LPL, PGM, SKS
Trying to hold falling trendline support: GF
Up against falling trendline resistance: AMAT, ELY, LDK, LEN, MTH
Attemting to break above the 65 day: COGO
Moderately overbought now: AVAV and PG
Overbought: GIS
Anything posted here may be off base.

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