Well, we can hope for the best, but the action in MSFT is very depressing. We're up over 82, but I'm watching the whole thing on LII, and it's just abysmal.
There is a LOT of institutional selling. I see Goldman Sachs, Merril Lynch, Lehman Bros, Smith Barney, Dean Witter all selling like crazy. It's endless. They are constantly the best ask - but hang back far on the bid, several levels back. And there is massive selling through ECNs - INCA, BTRD even REDI. Huge gobs of shares at the ask, small blocks on bids.
The action today thus far - a day on which earnings will be announced, is just awful - up some 1 1/4 now, but it actually saw 80 today - lower than yesterday's low of 80 3/8. And every time MSFT goes up a bit, massive selling ensues. This close to earnings announcement, this is awful. Meanwhile, stupid nets are soaring. Oh well.
After earnings, there is just nothing - no news on the horizon, no reason for the stock to rally. If anything, people might want to take money off the table, because there doesn't seem to be any reason to go up.
I guess we should hope for blow-out earnings. But with their warning back in March, I'm not sure how that will look.
Anyway, I guess we should hope for the best. This is certainly depressing. |
