As some of you know, I’m an old hand at the world of connected computers. I’ve been online since 1981, wrote a (rather prophetic) book in 1983 called The World Connection, and have been neck-deep in computers and the Internet for my entire life.
With these bona fides, I stand by my statement that Yahoo has always been a piece of garbage, and were it not for their accidental investment in Alibaba, they probably would have gone belly-up years ago. (Astonishing footnote: Yahoo is being sold for only FOUR times what they paid for Tumblr, which they drove into the ground).
Yahoo’s charred remains were finally purchased, though, by Verizon, for less than one TENTH the price Microsoft offered them nearly a decade ago. Don’t let the chart fool you: although it shows Yahoo’s stock price is the same as it was in January 1999 (which in itself is pretty dismal), virtually the entire value in this price is represented by the aforementioned Alibaba investment. They got lucky…………just like Marissa Mayer, whose blue eyes and relatively trim figure scored her a $300 million payday just by hanging around Yahoo long enough for it to get sold.
As a reminder, this Wednesday is one of the year’s eight FOMC days in which, yet again, we sit up and wonder whether (a) the Fed will inch interest rates up a miniscule amount, thanks to the oh-so-fantastic global economy or (b) the Fed will do absolutely nothing, telling us for the 972nd time that they are data-dependent. Good Lord, how can you even stand the suspense?
Meanwhile, the only thing happening on my screen that is even a little interesting is that our friend crude oil continues its gentle, consistent downtrend, and quite remarkably, for the 7th day in a row, its low and high are both lower than the previous day.
As I’m typing this, Sunday evening trading has been open just a few hours, and just about the only red on the screen is gold, which is getting its shiny little butt kicked again. If it crosses beneath the area I’ve tinted, I think you’re going to see weakness accelerate, as people just pile into equities all the more.
On that chilly January afternoon after school, i walked into the town library, needing to get a couple of books for a school paper I was assigned. I had made it about halfway over to the shelves when I heard a girl’s voice: “Tim!”
I whipped around, surprised to hear myself called. The voice was from a stunningly beautiful girl my own age whom I had known from my prior school. We had our own summer romance a year and a half prior, which she had broken off, and I thought I’d never see her again. And yet here she was.
That was a moment in time that changed a lot of lives. She told me later she wasn’t sure if she should get my attention or not, thinking that perhaps I would be upset with her and just storm off. But in that impulse, that very young woman decided to take a small chance to see what would happen. And, thus, here I am, as are you.
With a heavy heart, and the acrid stench of defeat lingering in the air, I offer the bullish charts below. These are all well-formed patterns, and unlike so many other sky-high stocks, they aren’t necessarily so stratospheric as to suggest there’s no upside left to be squeezed out.
How’s THAT for a soft sell?