NOTE: This trade was taken using QuoteTracker charting software and TD Ameritrade as the broker, prior to my switching to Think or Swim.
Steve Low-“Ball”mer withdraws his offer and YHOO gets knifed premarket. I figure everybody out there is thinking “Short YHOO”, and anybody selling in premarket is obviously undergoing a lot of pain, so the price is going to open depressed. I went long after the 3 min OR was defined, as price looked to be near a breakout (I front-ran it a little). I placed my stop below a premarket pivot, with my initial target being S2 pivot at $26. I decided to bail early as I got indications that the chart might be topping along with an ugly QQQQ 15′ chart. Made an R and change.
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