- Yi: +2.3
- Trying to bottom out now: CEF and $SILVER
- Moderately oversold: $VIX
- Up against the 65 day moving average: CHK, CLF, COPX
- Up against the 28 day: B, COH, RTH, $XOI
- Moderately overbought: C, CSCO, $DJW, DRI
- Toppy here: AIG, ARMH, BAC, CSIQ, IJH, IJR, IYG, IWM, MDY, SMH, $SPX, WFC
- And as is always the case, anything posted here may be way off base.
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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