Signals: Late day update for May 5, 2011.

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.

Thursday, May 5, 2011

Late day update for May 5, 2011.

Yi: +9.55, +9.3
A possible bottom here for: AKAM
Trying to bottom out now: AMSC and AQA.TO
Standard oversold: ABX, AEM, AGQ, BPZ, CLF, FRO, FSLR
Moderately oversold: $XOI, ACH, ASA, CHK, EGO, EXP, FCX, GDX, IFN
Trying to hold some rising trendline support: ACAS and ARMH
Attempting to hold the 65 DMA here: CBZ, EWA, F, FXI, IWM
Up against rising trendline resistance: CAKE
Up against falling trendline resistance: FAZ
Up against the 65 DMA here: DM and FUQI
Toppy here: $DJW-weekly, $GOLD-weekly, AXP, GIS
A break out in either direction is on the way for: AAPL, C, HCBK
Anything posted here may be off base.

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