When I read the market “commentary” like this: “Stocks Slip After Yahoo Shakeup” I wonder how those idiots who write for financial newspapers are getting paid? Why they are even allowed to write? Day after day, I see tons of low-quality reports on the frontpages, written by clueless people.
If the Pfizer 12% one-day crash did not move the markets down, how can 1.7% decline of Yahoo shake the markets.
The reason is different. Look at the Nasdaq:
The resistance is 2460, support is 2400. Suppose Nasdaq has 50/50 chance to go up or down. But from the current level of 2446 upside is 14 points and downside is 46 points. So if you gamble the chance is heavily on the house side.
Will you hold it overnight before tomorrow 8:30am initial claims release? I would not. Even if good news come, your gain is only 14 points.
Disclaimer: I’m short Nasdaq