You know what rally is truly a big deal?
The rally in the cloud.
It's been a long time coming. I mark the beginning of the decline of the group to when Salesforce.com (CRM) reported a true blow-out quarter and saw its stock spike to $77 and then plummet to $68. Sickening.
A few weeks later we had the hideous decline in Workday (WDAY) because of issues it had with closing deals.
Then the worst cut of all: The always reliable Red Hat (RHT) missed. It said some big contracts didn't get signed in time.
But today it looks like the cloud is lifted: Salesforce is having a second good day. Workday is bouncing. Adobe is trying to get some stability. I think Adobe, one of the club's favorites, can really take off here.
ServiceNow (NOW) , which reported a monster quarter and then sold off for weeks, is starting to take off. Splunk (SPLK) has an analyst meeting coming up and the momentum seekers are pouring back into it.
And Red Hat announced a gigantic Navy deal, no doubt one of the contracts that wasn't able to close that now had.
This group used to be the mainstay of tech, but it has done nothing for ages. It looks like the group is ready for a big move.
Jack Mohr and I talked this morning about Adobe and how we think it is primed. My takeaway? That, and Salesforce, are the ones to buy.