Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The long reign of Steve Ballmer – a much maligned CEO – is coming to an end at Microsoft (MSFT). The stock is up 9% on the news – which on one hand has to make Ballmer feel sort of bad, but on the other hand he is loaded to the gills in stock and options so I wouldn’t worry too much about his feelings. This has helped spike the market as a whole as MSFT is a major component of various indexes. Late yesterday the S&P closed at weekly highs so we’ll see if it can make progress to filling the gap down created last week. All year we have had 2.5-3.5% type of corrections and then immediate V shaped rallies, except for one instance so we’ll know soon if this is a repeat or a second instance.
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