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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Follies who wrote (22134)	6/22/1999 7:47:00 PM
From: -	Read Replies (2) \| Respond to of 27307

Dale, Thanks I'm having a real blast of a Birthday overall, although I'm "working" a bit more than I should be today :) WRT your question about YHOO, as I indicated on my daily technical report on this thread, from the daily chart I knew the stock was over-extended short term (to the upside)... the comeback from $120 has happened too quickly to be sustainable. So, I was glad to see YHOO consolidating sideways this morning and showing signs of a volatility contraction. As you knows this kind of sideways, basing action often builds a good base for a stock to continue moving up out of. However, they buyers came into the stock prematurely and YHOO began showing signs of momentum on the 1min chart, so I started pouncing it using my break-even stop methodology as described/archived over on the Daytrading Funddamentals thread. Because the stock was extended, I was trading it on the 1min chart (while watching the price patterns and MA's on the 5 and the 15), selling out each time the momentum slowed even slightly, then evaluating potential re-entry. A couple of times I sold into strength (offered it out and was taken) because it came into resistance (e.g. even numbers). Then once it showed it could clear the resistance I would buy it back. The final sale was done because on the 15min chart, the stock got so extended above the 10-period MA that it was extremely likely to come in. It was acting like it was "out of breath" - the buying was getting thinner and thinner each level up. Also there was an intraday relative strength divergence between YHOO and other stocks in the internet sector, a warning flag, and between YHOO and the S&P Futures. The selling blizzard hit after I exited. If I had been long YHOO when those programs were turned on, I could have taken as much as a 3 point hit or more. That was a real whale of a bunch of sell programs, hit the internets especially hard. Sometimes it helps to be lucky. -Steve