djia - it was market related. I went long a trading position yesterday for today's bounce, sold it for a 2 point gain, and when the market tanked by 40 points (I wrote a post here at the time), I figured it was just a matter of time before the market drags MSFT down. So, I shorted a batch, and covered at the close. The action in MSFT has a typical market-tanking pattern, nothing fundamental.
thomsoninvest.net
The tanking was due to a some "strong sell" orders at the end of the day. Trading related.
However, MSFT was extremely strong. Given the market, it was nothing short of amazing - just take a look at other high p/e stocks. It is definitely oversold. I'm expecting a technical bounce, but in view of the legal problems, no resolution rally, and the low of 74 is still a very major danger (market related).
But longer term, this is just noise. I get excited, because I trade, but lets face it, it's all short-term nonsense. This is a solid stock, and long term, I'm not worried (I hold a bunch of MSFT I've had for years).
Morgan |
