Signals: T.A. update for the open, October 1, 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.

Friday, October 1, 2010

T.A. update for the open, October 1, 2010.

Yi: +5.3
A probable bottom in this area for: $USD
Moderately oversold now: BAC
Trying to hold some rising trendline support: EWJ, IFN, RAIL
Attempting to hold the 65 DMA here: CTB
Attempting to hold the 28 day: WFC
Up against rising trendline resistance: PEP and TSL
Up against falling trendline resistance: ABX, B, C, NAT
Up against the 65 DMA here: BBT, STX, WHR, X
Moderately overbought now: $XOI, AMSC, BA, CBK, IDA, OCR, PBY, SWK, TSM, XOP
Standard overbought: IWM, JCP, LPL, LUFK, PTEN, ROK, SPWRA, TLB
Extremely overbought: JASO
Toppy here: FSLR, GLD, GPC, IRF, IWM, JCP, LDK, NST, NWL, SLW, TKR, USB
A possible top here for: $GOLD, COST, EEFT, MSCC, QLD
A probable top here for: CAT and SLV
A break out in either direction is on the way for: ACAS
Anything posted here may be off base.

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