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Wednesday, September 05, 2007 

Rumours in the market - CREE and Yahoo

Chart courtesy of stockcharts

Yesterday Yahoo shares closed up more than 5% to 23.97 after good comments from Bear Stearns that named the stock a "Top Pick" and said Microsoft may still be interested in the company. In addition, the firm also said Yahoo may gain 78 cents per share from a planned IPO for Alibaba.com, a Chinese ecommerce company in which Yahoo! owns a 40% stake. Looking at the technical chart, we can see that stock is trading in a downtrend since May when it reached $33.61 as high. Recently stock found a strong support at $22.61, so it seems that indicators are giving some Bullish signals and stock may be ready to turn soon, probably it have started today, with RSI and MACD showing some strength, however I would prefer a close above its 50 to talk about invertion. According to the news coming from Bear Stearns, I have to say that I agree with all content but it's only news nothing more. Yahoo has now support at $23.33 and Resistance at $24.72 ( 50 dma ).

Chart courtesy of stockcharts

Hey guys, there is some rumours in the market that CREE may be bought from GE, this is the reason why stock is jumping. Stay in alert, it seems to me that market really believes in this scenario due to the large volume of shares that stock are trading. Let’s see which will occur in the next days.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice evening !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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