YHOO – Yahoo! (Last:32.92)

So fixated was I on the goal of shorting a potentially major top at 36.51, a Hidden Pivot resistance, that the nasty slide from the recent high at 35.51 caught me unawares. For anyone paying closer attention, however, the first juicy ‘camouflage’ signal to get short came at 34.53 on Monday (see inset). I was traveling in New Jersey at the time, but one would need to have been focused on the 5-minute chart intraday to nail the trade. My hunch is that Yahoo has made its bull-market top and that the stock will increasingly come to reflect disappointment in the stewardship of Marisa Mayer.  As we know, there are precious few second acts in the high-tech business. Moreover, regardless of the qualities that made Mayer a hotshot at Google, it would have taken real genius — think Steve Jobs — to turn Yahoo around. We’ll look for another fat opportunity to get short, so stay tuned.