Hi, Mel .. as you know, I think this chart reading seems like so much
jiggery pokery (as far as usefulness for seeing the future), but it seems to me what we have seen since Wednesday morning for three days now is 'support' for PSFT in the mid-19's.
At least we have some stability and the bottom has not fallen out as some have predicted (recognizing it's only been three days).
Furthermore, I simply do not understand (in a mostly non-argumentative way) how anyone can say what a next support level is. I asked someone this before and I believe the basic response was that the support level becomes defined after the fact.
IMO, a 'next support level' would be determined by a number of factors, including the factors which caused a sell off, sending price down, the perceived severity of the bad news and its impact on PSFT, etc. Example, a press release from SAP announces a key signing win against PSFT for millions (not great news, but perhaps another skirmish lost in the overall battle). Versus the example that PSFT issues a press release in mid-November that they are again lowering expectations for the quarter. Clearly these two events will re-define 'support' for the stock in the market. Nothing in a chart can predict either of these two events (occurrence nor the timing of).
Example.. By 5:15pm on Tuesday, everyone wondered where PSFT was going the next day. There were predictions all over the map. Looking back, the support level was mid-19's. Isn't this a correct assertion?
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Keeping in mind the realities of today's environment, I'd like to know if PSFT has any new strategic plans to deal with recent setbacks and if there is some new tack they can take to regain favor with investors and shareholders. In other words, I'd rather focus (and I don't mean this as a direction for the thread - anything goes here - well almost anything) on what opportunities PSFT has in the market and what might be going on in the next year or so in the business application software arena. Of course we hear about that stuff on the thread here and we gets lots of info. I think information on what is happening out there in the real world will be far more useful to me than what the next support level might be.
I know the last part sounds preachy - and I don't mean it that way. I am just trying to say what I think. No one else has to think the same, but I wonder if anyone else does (I lie awake nights wondering <g>). |
