From WaPo:

“I will vote for the individual I think that brings the best set of tools to the problems of 21st-century America and the 21st-century world regardless of party, regardless of anything else other than the most qualified candidate,” Powell said at a news conference before delivering the speech, the newspaper reported. “Both of them certainly have the qualifications to be the president of the United States, but both of them cannot be.”

Asked whether he thought it was a difficult choice, he said: “I think so. Yes.”

Just not towing the party line - although “party” and “line” amongst Republicans is in disarray right now - is enough for a little joy jump. What a coup it would be if he threw his support behind Obama.