Signals: T.A. Opinions for the open of May 14, 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.

Monday, May 14, 2012

T.A. Opinions for the open of May 14, 2012.

Yi: +8.15, +7.7, +7.85, +7.65
Now trying to bottom out: $CRB, CAT, VFC, ZNGA
Extremely oversold: CHK and WFR
Average oversold: $IIX, $PLAT, $SILVER, CSCO, ELY, JPM, LMT, PGM, PHI, RJA, SFD
Moderately oversold: $OEX, ATI, SWK, VFC, XLF
Trying to hold some rising trendline support: CTB
Trying to hold falling trendline support: $GOLD, $XOI, QCLN
Attempting to hold the 65 DMA here: BMY, DVY, NTES, SLE, WFC
Up against the 65 DMA here: ELN
Up against some falling trendline resistance: MED
Moderately overbought now: $USD and DPS
Average overbought: ZSL
A bit toppy here: PEG and VZ
A break out in either direction is on the way for: EGPT
Anything posted here may be off base.

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