Online Stock Trading | Yahoo, Thailand Coup spook Investors as Shorts cover at the close pushing indexes off their lows

Yahoo, Thailand Coup spook Investors as Shorts cover at the close pushing indexes off their lows


Filed Under Market Commentary |

Yahoo came out today announcing they would come in at the lower end of their
guidance range. Coupled with Thailand’s Coup investors ran for the hills as
sellers dumped stocks throughout the day. At 3pm short sellers took advantage
of the run up and began to cover pushing the indexes off their lows of the day.
As the dust settles the Nasdaq put in its 3rd distribution day since the August
15th follow through.

For the day the Nasdaq finished -.6%, S&P 500 -.22%, Dow -.12%, S&P 600 -.5%,
and S&P 400 -.34%.

BTJ closed below its 50dma. I will be selling my position @ 10:15 as my
guidelines have set. It is clear that the stock was not ready to take off. Not
too mention anything related to oil is getting hammered. Oil was down 2.14
again today, this market was top heavy and due for a decline. Crude had an
impressive run, I would look for it to settle somewhere. Remember, calling
bottoms are dangerous as it can always fall further.

Enjoy and I’ll see you at Investors Paradise.

MktSpec

Last 5 posts in Market Commentary

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • ThisNext
  • MisterWong
  • Wists
  • Bumpzee
  • StumbleUpon

Comments

Leave a Reply