MSFT - Watching Mr. Softee Closely
Hey All - MSFT is the one tech stock that I am watching for a potential market breakdown. With all the discussion about being in correction territory one day and out of correction territory the next (or one minute as the case seems to be at times), MSFT has played no part in that. The S&P 500 has flirted, broken and recaptured its 200 day several times over the last couple months but MSFT has held well above its 200 day and its relative outperformance is something that I am continuing to watch. If the market is going to rollover then MSFT should be a good indicator that the run is over. A break below the trend line I have drawn could mean an 81 handle for MSFT. I heard one of the pundits today on CNBC discussing his belief that we just got too far ahead of ourselves in January and the market is consolidating and getting back to reality. Only time will tell, but if Mr. Softee breaks its 200 day my belief is that this great bull market is over and its time to really start panning for gold. Happy Trading!
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