MSFT beats, but DOW 12099.30 is a line in the sand

The DJIA has not had a positive weekly gain since Dec 21. The past four weeks has seen the averages close lower each week. At the moment, its 150 points above that point with less than 2 hours in the trading day.

MSFT was up 9% yesterday in afterhours trading, but that euphoria evaporated by mid-day as everyone sold the news. The Dow initially up 75 at the open is now down 150. There's a Fed meeting on Wed and Thur.

At the moment, we're lucky we haven't been stopped out yet, although watching that $85 print at the open could have easily shaken us.

The only real luck factor is that some aren't willing to hold positions over the weekend given there's a chance the Fed doesn't cut rates a 2nd time until the March meeting.