Earnings Plays for downside -->MSFT (July 18) QLGC (July 18) QLGC MSFT, both blimps failed to rally as expected at their declining 20 day moving average. That's just the "least" that is wrong with them. The quality of their earnings report, the high p/e, exorbitant p/s levels (over 10!!), the low cash flow, and the list goes on.