LU must break out from this dreadful downtrend line or this pop would be just another good short! The hammer stopped right below SMA20 too. We shall see soon how the bulls and bears resolve on this one.
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 and MSFT
YHOO failed to break out.
MSFT moved up nicely.
Prius News …
Used Prius prices like new. Now, who says a car is depreciating asset? My 2004 Prius can be sold now probably for the same price I paid for with 16k miles on it.
As Green as a Neocon – Why Iraq hawks are driving Priuses.
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.