Signals: TA for the open of May 24, 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.

Tuesday, May 24, 2011

TA for the open of May 24, 2011.

Yi: +7.8
Now attempting to bottom out: AMSC, EEFT, EWJ, FCX, GLW, HPQ, NOK
Extremely oversold: BAC
Standard oversold: AMAT, EEFT, EWI, RAIL
Moderately oversold: $DJW, BBT, CSCO, IWM, QLD
Now trying to hold some rising trendline support: $NYA50R-weekly, A, AVAV
Attempting to hold the 65 DMA here: DDM, DELL, IYY
Attempting to hold the 28 day: DVY
Trying to hold falling trendline support: NTES
Up against some falling trendline resistance: EXP
Moderately overbought now: $GOLD, GLD, NFLX
Toppy here: CNK
Anything posted here may be off base.

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