This Is How I’m Playing Yahoo!
I’m
working overtime here…I’m
not scheduled until tomorrow to write, but Money Management is calling, and
I wanted to make sure you understood how I would play the Yahoo!
scenario. Yesterday
I mentioned that
(
YHOO |
Quote |
Chart |
News |
PowerRating) was setting up from a Fibonacci point of view as
a short (or at the least to lock in some profits if you were long). Tonight,
in after hours, the stock is down almost 3 points from the close and down 4
points from today’s high at 45.60.
To give you an idea of what
I’m looking for (as this may happen quickly)…my first objective
zone is 42.00-44.00. There is a symmetry level at 46 that might provide a short
term bounce, but we have a large confluence of Fib price support levels in the
42 to 44 range that will likely act as a magnet on price. If
(
YHOO |
Quote |
Chart |
News |
PowerRating) hits
this zone I’d take profits on ½ of my short position and trail
the stop to just above the Wednesday regular session high on the rest.
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Tomorrow I’ll be working up some charts and discussion on the Homebuilders.
Good Night!