CONN long on inside-the-gap open

CONN is opening inside of the last gap down on the possibility of it selling or splitting. This is one of my favorite intraday trades to make; as we say about buyout news: "buy the rumor, sell the news".

Next resistance is 37.04, and then 39.72 after that. I would not expect any more than 37.04 unless someone steps forward with an offer or more news comes from the company--neither the technicals nor the fundamentals support a $5+ move.