Signals: T.A. update for May 9, 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.

Monday, May 9, 2011

T.A. update for May 9, 2011.

Yi: +9
Trying to bottom out in this area: ABX, ASA, BPZ, CHK, CREE, CSIQ, FCX, FRO, GDX, RAIL, RJA, RJZ, ROK, SU, X
Standard oversold: WFC and X
Moderately oversold: $CRB, $NYA50R, $PLAT, $WTIC, AU, LOW, SKS, SLW, SU, TAN, USB
Trying to hold some rising trendline support here: CBZ and GE
Attempting to hold the 65 DMA: $GASO, BGS, EWI, JCP, MMC, SCHE
Attempting to hold the 28 day: $GOLD, NCR, PAYX
Up against some falling trendline resistance: NTES and WSO
Up against the 65 DMA here: SWK
Standard overbought: DELL
Toppy here: KFT
A break out in either direction is on the way for: F and SNDK
Anything posted here may be off base.