MSFT tech update – market update

The weekly chart of MSFT made the weekly 13 which is a good support for a low of the overall market as well. The low was beneath the old low which brings the trading channel of 7 years a bit in jeopardy. So far we snaped back towards the monthly Bollinger currently at 21.30 but the monthly price action is still negative. Otherwise we might have the temp. low for that particular stock for now. I do expect a new low though for the overall market in Dec or early Jan before we might see a more severe upside correction. This week is clearly window dressing driven and as we had a retest of the 2002 low some brave buyers are rushing in as the week for TG is traditionaly a good week to buy. The monstrous aid programs by the FED , Obama and EU do their part to support the sentiment for now. I rather expect selling returning next week. As MS Whitney ( one of the handful good analysts out there) said correctly today much more write offs for banks to come and Mr. Pandit selfconfidence is not founded on any substance why would he get the biggest bailout in history for a single ank and not be humble. Its amazing how pathetic some wallstreet CEO’s are – this guy is pretty useless and will cost taxpayers even more going forward which I fully agree on with Ms. Whitney.

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~ by behindthematrix on November 26, 2008.

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