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Last Friday, traders were saying yoo-hoo for Yahoo! as speculation raged about its acquisition by


(MSFT) - Get Microsoft Corporation (MSFT) Report

. Whether that will ever materialize is yet to be seen.

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However, the weekly chart shows solid resistance at $34. I wouldn't be a buyer unless Yahoo! broke above resistance, which would also be a new 52-week high. Until that happens, there are better opportunities.

(Please see chart below.)

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At the time of publication, Fitzpatrick had no positions in the stocks mentioned, though positions may change at any time.

Dan Fitzpatrick is the publisher of

, an advisory newsletter and educational forum dedicated to teaching effective risk management and trading methodologies to aspiring traders and investors. He is a former hedge fund manager and a member of the Market Technicians Association, and he now trades from his home in San Diego, Calif. While Fitzpatrick holds various securities licenses, he does not give recommendations to buy or sell stocks. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. He appreciates your feedback;

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