"The Investor's Compass" - Powered by DynaLogic for 1/16/2024
Broad markets were all up on the week with the Dow up .34%, the S&P up 1.87%, and the Nasdaq 3.23%. 10 YR treasury yields dropped 29 basis points and gold was slightly higher.
Boeing (BA) has certainly been in the news with the issues related to the 737 Max-9 aircraft. The stock closed at $217.70 today. We took a look back at some of our signals that were published for Boeing. On December 15, 2023 we issued a sell signal at a closing price of $264.27 which was an interim high. Coinciding with our sell signal was an RSI reading of 92.69 a significant overbought position. Obviously we had no knowledge of what was to transpire but subscribers who followed our signals and sold some BA are glad they did. On a side note the January 19 260 Puts closed at $5.92 on December 15. Today the 260 Puts closed at $42.10.
In our signal table below, we have highlighted in yellow the signals meeting the criteria for overbought or an RSI over 70 and green for oversold or an RSI below 30. Stocks meeting this criteria, especially when combined with a strong signal, are the ones our system views as most likely to experience a reversal and signals to which our subscribers should pay special attention.
In the signals above, A Zone 2 sell means there is still upside opportunity but those with a RSI over 70 indicate the current price is overbought and caution in the short term is warranted. If you were looking to raise a little cash, those securities with an overbought RSI would be the most likely candidates. By no means does an overbought indication mean a reversal is immediate but likely.
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