Signals: Late day update for October 19, 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, October 19, 2011

Late day update for October 19, 2011.

Yi: +3.35
A possible bottom here for: QID
Trying to bottom out now: FAZ
Extremely oversold: AEM
Moderately oversold: ABX, AUQ, CLF, CREE, FAZ, WDC
Up against rising trendline resistance: $CRB
Up against the 65 DMA here: AXP, BLL, CAT, KBE, NTES, PHI, PTR, SUN, XLF, XOP
Moderately overbought now: $HGX, BGS, COST, GE, HIT, LEN, LOW, MMC, STX, SWK
Overbought: GPC and JCP
Toppy here: V
A break out in either direction is on the way for: ACAS, ELN, GLW, MED, TSL, WY
Anything posted here may be off base.

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