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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Mama Bear who wrote (7838)12/5/1997 7:34:00 AM
From: vegetarian  Read Replies (1) of 9285
 
>>Why 55? High is currently 58 5/8. I think that's the magic number.

Look at the 3 month chart for YHOO, 55 is the place where seller come in.
To answer why 55 and not thr 52 week high 58 5/8:

-There were probably not many buyers at that level (read volume)
-Many who bought it higher may be willing to get out at a small loss forming the resistance
-Many who are in the money are willing to take their profits at 55 who for some reason do not think that it will go to 58 5/8
-breaking 58 5/8 is a sufficient condition for a run up but breaking 55 is a necessary condition because the latter is covered by the former, that is why we talk of 55
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