The $OEX index is now up against the 65 day moving average here, so the market is moderately overbought and may be due for another correction fairly soon.
Wednesday, December 12, 2012
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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.
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About the ancient spirit:
- Yogi Zuna
- Older than the great pyramid and "catface" on Mars... been in the market since 1980.
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