MSFT pulls back some, but it’d be an entry point for anyone to get long if it can stay above this support.
Tag Archives: Long
YHOO
This pullback is an opportunity if you like to long YHOO.
SLB
The good earning report pushed it to break out this triangle, but the doji and long red candles didn’t look good for the bulls. If it moves below the trend line, it may be a short. Going long from this point does not provide a good risk/reward opportunity as the overhead resistence is very close at 73.27.
INDU, QQQQ and SPX
All markets suffered heavy losses last week. INDU broke its support at 10350 and the new support is above 10000. QQQQ broke the support, we shall see if it continues to decline. SPX is approaching the new support level. All markets are very over sold, but not so good economic data didn’t provide any incentive for buyers to step in. However, my personal view is that the market condition is not too bad, thus there may be a buying opportunity for long term accounts.
YHOO breaking out?
YHOO is forming a triangle here. If the triangle is resolved from the short-term trend, which is up, the breakout should be on the upside; if it’s resolved from the intermediate-term, it will go down. I will try to see if a long on a slight OTM calls for May or June would work. A May 37.5 Call is currently sold at 0.60.