$Microsoft(MSFT.US)Microsoft’s decline has been especially frustrating because the stock looked ready to lead when IGV squeezed to new highs. Instead, the rally faded almost immediately, and now it’s drifting back toward the same support area it came from.

What this tells me is that the market never truly bought into the software story. The move was more about positioning and short covering than genuine conviction. Once liquidity tightened, capital rushed back into sectors with clearer earnings visibility and stronger momentum.

The fundamentals may not be broken, but price action suggests investors currently prefer certainty over future promises. That’s a tough environment for software.

@Bridge Buzz SG