overall the market seems to want to move higher, see the action in the financials.
overall i find the action today to be positive, good backing and filling.
Yhoo is my only stock that is red today....
nasdaq green now, yhoo still down over 3%.
It's obvious there is something uniquely negative to yhoo today.
RIMM is down on estimate cuts, but there is no news on Yhoo..
13.5- 13.66 stands as the immediate range...
if stocks sell off after the fed announcement we'll test 13.2-13.0
if stocks move higher after fed announcement we are likely to push through 13.66, but will not break through 14...
total coin toss at the moment
volume has abated...
wait and see..
Not seeing an news for today's weakness. Likely a contrived drop to shake the flippers off their positions. With JAVA's 60% pop on IBM rumored buyout, I gotta believe the YHOO shorts are concerned that M&A activity might start to heat up. As a result, they go they need to work YHOO's shareprice down to create a better cover opportunity for themselves.
MSFT will eventually step up to the plate with a renewed offer. Just a matter of when, how much, whether YHOO mgmt accepts it, or another company beats them to the punch.