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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 662.72+0.4%4:00 PM EST
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To: el paradisio who wrote (79463)7/3/2001 11:54:54 AM
From: t2  Read Replies (2) of 99985
 
My only concern now is MSFT...coming to the important support area at 70.

MSFT is basically having a "sell on the news" on the Appeals Court ruling. It was somewhat positive for the company but not nearly to the extent that some investors had expected. (i would fall into that group).

However, my thinking on the stock is that it won't drop materially below 70 near term. Have followed it for a while, I would expect it to move up a bit as we get closer to its earnings in about 2 weeks.
Right now, it is just dropping to find the support level after the court ruling. I am not looking at charts to determine support...investors/traders just want to know at what level the downside momentum stops based upon the news of last week....before getting back in. I am also looking to buy back some positions I had sold but I want to know where it stops on the downside first.
IMHO, it should be 70 but not sure yet...in the meantime, investors/traders are just looking to other stocks that have not done as well first half of the year.

The other point is that when the Nasdq was tanking, MSFT was going up. There can be divergence even though it is by far the largest component of the Naz.
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