RTev, regarding today's action:
As I tried to tell everyone yesterday, todays market will be wild. Just look at the open, DOW up 84, NASDAQ opens up 16. Since then we have had a 90 and 25 point swing in the DOW and NASDAQ, respectively, and this will continue throughout the day.
The whole thing has become such a media event, it's starting to make me sick.
FYI, at yesterday's close I was on the phone with an institutional trader (handles very large accounts) and while we were on the phone at exactly 3:58 pm, many of their largest clients called in with SELL orders. This tells me that the big boys and girls are selling heavily into this market run. The offsetting variable is all the 401k and early tax refund money being plowed into the market buy the little twirps like you and me.
It's taking the shape of quite a battle indeed. My gut feeling is that the market will decide its fate today in the last hour/half hour of trading. Until then, volatility will be the name of the game.
Regarding MSFT, I know for a fact there has been a lot of March 180 call option buying going on this morning, so an afternoon rally is most likely. We will see, but the momentum players have MSFT's fate in their hands today.
FYI, didn't anyone like my buddy's funny analogy regarding shorting MSFT stock that I posted yesterday?? I thought it was funny as hell.
Comments are welcome and appreciated...
Teflon |
