Signals: Midday update for 8-3-2011

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.

Wednesday, August 3, 2011

Midday update for 8-3-2011

Yi: +3.4
Now trying to bottom out: $HGX, AKAM, BGS, CTB, DDM, DPS, EWI, FRO, GLW, NOK, PAYX, PEP, QCLN, RAIL, ROK, SKS
Extremely oversold now: $HGX, A, AKAM, CTB, DZZ, F, FRO, GLD, GLW
Standard oversold: $DJW, $IIX, $OEX, $SPX, $XOI, AMSC, BA, CAKE, CAT, CSL, DDM, DPS, DVY, EGPT, EXP, FSLR, GE, GF, GM, HCBK, IWM, KBE, LMT, LOW, MED, NAT, PAYX, PBW, RAIL, ROK, SEE, SHI, SKS, STX, UYG, WSO, WY, X, XLF
Moderately oversold: ACH, ARMH, BBT, BGS, BLL, BMY, C, CNK, CSCO, DELL, FXI, GIS, IDA, IP, IRF, IYY, LEN, MBI, MMI, NCR, NFLX, PBY, PTR, QLD, SCHB, SCHC, SCHH, SNDK, SU, SUN, WDC, WOR
Trying to hold some rising trendline support: ACAS, GOOG, MSFT
Attempting to hold the 65 DMA here: ELN, NTES, USB, XOP
Trying to hold falling trendline support: AA
Up against some falling trendline resistance: AU and DM
Up against the 65 DMA here: QID and TLB
Extremely overbought: DGP
Going parabolic: GLD
Anything posted here may be off base.