Signals: T.A. update for the open, October 8, 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 8, 2010

T.A. update for the open, October 8, 2010.

Yi: +6.12
Now trying to bottom out in this area: $USD and BPZ
Now trying to hold some rising trendline support: CREE, RBS, TSLA
Attempting to hold the 65 DMA here: ENER and TSLA
Attempting to hold the 28 day: T
Up against rising trendline resistance: CBZ
Up against the 65 DMA here: CBZ and CSL
Moderately overbought now: $DJW-weekly, ABX, CLF, DELL, EWJ, F
Overbought: $DJW, BA, COGO, DDM, SSO, SU, TOT, UGA
Extremely overbought: FCX, JCP, PHI
Toppy here: BA, EWA, FCX, OGE, SSRI, TOT, UGA
A possible top here for: $GOLD-weekly, $GOLD, $PLAT, $WTIC
Going parabolic: ASA
A break out in either direction is on the way for: $HGX, B, HPQ, SPWRA
Anything posted in the above list may be off base.

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