Over the weekend I mentioned how on Valentine’s Day, I talked with Jon Erlichman of Bloomberg about what tradeable instrument I would date and which one I would marry.
He also asked me, to comment on which instrument I believed got away?
To refresh memories, I am dating COIN-up over 12% to start the week.
I married silver, up nearly 3% on Monday.
But the one that got away?
Microsoft has been consolidating between $400-$420 since Valentine’s Day.
Does that mean I still have a chance?
The simple answer is yes.
Since the highs were put into place on February 9th at around $420, MSFT has traded narrowly.
Plus, it remains above the January 6-month calendar range high at around 395.
What we will watch for is when MSFT starts to outperform the benchmark and when momentum clears the February 14th or V-day level.
These tools should correspond to a breakout over the trading range and help us determine a good risk point.
We believe MSFT can head up to $485, especially as we are huge fans of Co-Pilot, MSFT’s latest AI software.
Twitter: @marketminute
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.
