<... and a gentle upward slope between now and earnings...>
Ha! Dream on, man. Aren't you thinking about G.M.? They are going to be slamming this pig all over the place! <GG>
I hope we see a nice ramp up too, if those #'s come in at expected or below tomorrow there should be a decent rally... once YHOO clears $140 and stays there I'd consider it "recovering", above $150 "in good health", above $160 "maybe back to it's old ways", above $170 "ready to take on it's old highs with a little news".
Then, there's the other possibility ;)... we should have a clear picture of which way it's headed by the end of this week. But, not yet...
The thing about T.A. is, it essentially TELLS THE FUTURE. Why? It shows the tracks of the "smart money". PRICE PRECEEDS NEWS - there is no magic to that... it is just the smart money (institutions and hedge funds that have better information) leaving their footprints.
I agree with you, it's hit 120 twice (it's a key double-bottom level), the thing is now, it needs to stay away from $120 - it's already re-tested it. The more time it "tests" this level, the more likely it is to break down through it, and there isn't much support till down near $100... that makes the next couple of days crucial. So, hope for some favorable economic numbers, most of them come out an hour before the open Thursday.
-Steve |
