Parting Shots for a Summer Friday

We are finally winding down the summer Fridays and I couldn't be happier. After a few good moves in the market this morning, we are dragging our heels into the afternoon session just begging for a close. The halt in the Nasdaq dominated Thursday's session, while we've seen just about as much on Microsoft (MSFT) today, with Wall Street saying that CEO Steve Ballmer is worth more to MSFT dead than alive, in a figurative sense. Both these stories have had an emotional overreaction, with only MSFT translating it into "dollars and sense." The stock is still up some 24% year to date, and I believe its challenges extend well beyond the CEO position. While I can't argue that it isn't attractive as a value stock, I contend that I don't see any reason to chase it. The stock sits with a double gap below $34. I would be comfortable looking again when MSFT is in the $32.50 to $33 range, but this one isn't high on my list right now for trading on the long side.

Gold benefited from Fed-speak and poor housing numbers this morning. SPDR Gold Trust (GLD) has finally reached the $135 target. The upside from here is $138 and $142 with support just below $132 and above $131. I don't expect it to be a straight path higher for the next few weeks. I am looking for consolidation between $134 and $136 to set up the next move. I am still long a core position in the miners, but on the sidelines with the metal itself....193 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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