The Nasdaq-50, I mean 100, continues to sit near today's low, and is relying Internet stocks to keep it from falling further. Some of today's gains in Internet stocks can be attributed to a reprieve from yesterday's sell off, and some of it is due to Holly Becker.
The Lehman Brothers analyst said that most of the selling in Yahoo was due to speculation that Yahoo (YHOO) wouldn't hit current quarter estimates. Becker believes that a significant shortfall is unlikely, and the pullback presents a good buying opportunity.
Yahoo Daily Chart
Initially traders thought that sounded like a good idea, but have since changed their minds. At one point YHOO was up 91 cents, but has since given up over half of those gains. That could be because $11.37 is now acting as support.
Amazon Daily Chart
The only news sparking Amazon's 3.66% gain today is a story that Amazon and online partner Toyrus.com sold out of Microsoft's XBox video game in 30 minutes. Nice, but not worthy of a 3.66% gain. But AMZN is facing the same problem as Yahoo. The stock has lost the April 4th low, and is having trouble climbing back above it.
eBay is also up 13 cents after forging an alliance with IBM, but the Nasdaq-100 might want to find a stronger group to help it limit its losses.