The bullish pattern shown, with a 457.12 target, is unlikely to steer us wrong, given the precise, confirming pullback from p=383.41. It is ambivalent on the question whether D will be reached, however, so we’ll accommodate simply by being prepared for that — or anything else. My gut feeling is that the stock will need to correct further before that could happen, so we’ll look initially for a ‘mechanical’ buying signal on a pullback to p=383.41. The by-the-book stop-loss would be at 358.84. By implication, any rally of 10-25 points should be regarded as an opportunity to get short.
MSFT – Microsoft (Last:415.13)