I own a smidge of $YHOO, and looking to buy $RIMM.
If we cut out all the buyout noise in $YHOO and focus on technicals, you must admit $YHOO looks attractive here flagging out above the 200 day MA.
At this point, it’s rare to find a chart above all important MAs, but $YHOO is gets the job one. You also get the buyout wildcard.
$RIMM is also flagging out here, but under the 50 day, which makes this one a little less attractive. But, I do like the look, and think there is a trade setting up here.
With the market flagging overbought conditions I may take a pass on $RIMM, but $YHOO does has my attention.
At the close today, my positions include: $GOOG, $GSVC, $DRV, Partial potions in: $YHOO, $RENN, $PCX, & $OVTI
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Got any love for solars? JASO, YGE, LDK, TSL…?
Watching for a possible bounce here, my fav $YGE
“With the market flagging overbought conditions”. Daily RSI 9 on the SPX is 60. Not even anywhere close to being overbought. There is always a tendency to claim a market as being “overbought” just because it went up a lot very fast. But it’s not overbought. It just went up a lot, very fast. If it keeps going up a lot right now, THEN it will be “overbought”.
@Kel, not referring to RSI, referring to the laws of mathematics inside The PPT.
There are multiple indicators almost all of of which tht can be looked at on a different timeframe. What’s oversold on a monthly basis can be overbought on a 1 min chart. There are oscillators that at a minimum suggest price levels could pause for awhile here. daily RSI is a good indicator but doesn’t give many signals unless you really have a sustainble rally for a long time that gets overheated. But going up a lot really fast generally is the definition of overbought and even the technical overbought readings happen on some time level only when it goes up a lot really fast.