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When Goldman Sachs (GS) puts Microsoft (MSFT) on its Conviction Buy List, not only is it positive for the name, but perhaps it is very positive for big-cap technology, too, perhaps the kind of technology names imbedded in the NDX. Maybe GS is impressed with BING, which gives MSFT a new product that can and will effectively compete with Google (GOOG). Should we not extrapolate the impact of the Conviction Buy List to the NDX? I don’t know, but as long as the PowerShares QQQ Trust (Nasdaq: QQQQ) remains above this week’s pullback pivot low at 35.24, I will respect the integrity of the larger upleg by remaining long in our model portfolio. However, if this week’s pivot low is violated, I will reverse into a short position – regardless of MSFT’s inclusion in the Conviction Buy List.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
