Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

[jenna]

YHOO took out the rising 200 period moving average (12.92) on the 5 minute chart, possible area of a bear flag move but I would expect YHOO to move below 12.85 and head lower as the report nears. I make it a habit not to look for longs on down days and not to look for shorts on up days (like Friday).. It was enough to hold puts and have them work for you. I noticed traders trying to short Friday's market only to get killed, and trying to go long today. BY moving against the trend you end up BUYING or SELLING SHORT the small "bull and/or bear flag" rallies which are "bull traps" today and were "bear traps" on Friday.