The NASDAQ managed its seventh straight positive close while other indices worked on sixth in a row. Breadth improved during the day and we closed near the highs. News is hitting that Research in Motion lowered guidance and Microsoft shares are down after initially trading up on its earnings report. This may set up for the recently typical red last day of the month. A 10pt back and fill day would be ok for Peaty the Bull as we have large pomo protection all the way into new month Tuesday next week. Looking ahead a week, I am waiting for the sell May go away and flash crash articles after a couple of decent down days to set up a buy May dip and sell in June trade (pure gut here).
Deckers Outdoor is getting smashed for 10% due to a European accounting change that pushed revenue into 3rd quarter but expenses were reported this quarter. While the company did a poor job explaining if 3rd quarter revenue will be bumped up or not, it did guide up for the full year (hoping they are not pulling a RIMM). This may be an interesting buying opportunity after some due diligence on the conference call and reading over the quarterly statements.
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