The market is in dire need of a news catalyst to take it sharply higher (bottom). M&A is bringing in some buyers but it just doesn't seem to be enough quite yet. Keeping stops tight here and getting stops hit....I think we move one way by Thurs-Fri and will know the direction then. Until then, I offer you YHOO:
The chart looks fairly similar to MFE before they were bought out last week. Who knows, it could happen. After all, YHOO rejected 2008s bid from MSFT. Icahn and company have been trying to stir things up and the CEO/founder even stepped down. Clearly, YHOO is not pricing in any upside move...and neither did MFE.
$18 and $14.80 are obvious upside gaps in YHOO. What would be a fair price? I think some calls of the October-January variety might be prudent speculative plays here. Who knows, maybe you will become a millionaire overnight on this spec play, just like George Soros became a billionaire overnight in 1992 by betting against the UK pound.
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At the close: nothing has changed.
ReplyDeleteWe could use a washout this week. Get long on Friday and watch September bring in the sidelined players to drive it up! Ahhhh, maybe too much to ask.
BAC finally reached my 12.5 go long price. 12.5 assumes BAC 14.7 last high, is the new high short term,20 day. ( making 12.5, the new regression low. or some such)
ReplyDeletez...
http://zstock7.com/wp-content/uploads/2010/08/iwm-8-26.jpg
ReplyDeleteIWM
Z!
Z, still can't access your site or any link at all. wish I could! My guess is that you think IWM is a short because it is breaking down?
ReplyDeleteI actually think we are still in a bottoming process. Either that or a market crash on the horizon.
Long ESI right here....daily looks ready to turn.
ReplyDeleteGoing Long HPQ
ReplyDeletehttp://zstock7.com/?p=3174
REX
Sept is supposed to be a bad trading month, except when it's good. I think this Sept will be good.
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