heehee, I have been looking at the MSFT chart a lot, and since about 65 have been saying looks like 50. And I really thought that after the earnings announcement (but that's another story).
The market sure feels sick and it could blow through 50, but unless we get more bad news I kind of doubt it happens in a day. This could get dragged out. Here's one way I think of this: MSFT 50 is a bit like CSCO 50 and should get propped for a bit, just like they did at earnings. I would expect a bounce there. And by some miracle we will get some good news from tech land when we are there, or maybe I should say brokers on tech land.
Ok that was one way to look at MSFT. I also thought we would see ORCL bounce at 10, and something is very wrong there.
So I can already see the day (like tomorrow) when MSFT is hitting 50. I will be saying to myself I know it's going to bounce, double bottom, we are oversold. I will go long at 50.05 and 2 minutes later it will be at 49.95 and I'll be saying, this market sucks, it's gonna break and there's no floor, so I puke for a loss. 20 minutes later it near 51. That's just the kind of market it is. |
