Have to give the intelligent speculator credit where credit is due, on their TA calls (most recently pointing out the bearish flag formation). I was speculating that YHOO had bottomed and reversed back up; after dumping my $125 swing-trade shares right above $150 during the runup to $158, I was back in from $140, betting on a continued recovery in the issue, along with the sector. Instead of continued strength/recovery, it's looking $158 was still a bit of a "bounce" in the downtreand... I was stopped out today break-even on my new long position from $140, and based upon the break of support at $140 abandoned my smaller core position as well.
I will re-evaluate YHOO for a long position trade if it firms up Mo/Tu, or short it on weakness looking to work myself into a break-even stop and trail it ASAP, based on what happens next week. We may need to test those lows from 10 days back!
Of course, this stock's always good for a few multi-point intraday scalps, long or short! I like to use wide, 3-4 pt stops with this bad boy. How about the other YHOO scalpers? Anyone getting good enough entries to move your stops tighter than that, when looking for 1+ points?
Good trading, -Steve |
