Signals: TA for the open of February 2, 2012.

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, February 2, 2012

TA for the open of February 2, 2012.

Yi: +5.7, +5.65, +6.1
Trying to bottom out: CHK
Extremely oversold now: $BDI-weekly
Attempting to hold the 65 DMA now: $CRB, $USD, GIS, HIT
Attempting to hold the 28 day: AVP
Trying to hold falling trendline support: FAZ
Up against rising trendline resistance: CAKE, ELY, EWJ, FXI, HPQ
Up against the 65 day: $DJW-weekly
Moderately overbought now: EWI, IFN, LMT
Standard overbought: B, DELL, DM
Toppy here: BLL and CSL
A possible top here: AAPL and EGPT
A break out in ether direction is on the way for: BMY
Anything posted here may be off base, and there may be more signals later.

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