The sellers aren't burning the house down, that's for certain. And they are separating Workday (WDAY) from the other cloud stocks -- I mean, Salesforce.com (CRM) is up. How different is that from the LinkedIn LNKD/Tableau DATA February massacre.
And Nvidia (NVDA) is bouncing back.
Now some of this could be that these stocks were already oversold. Some of it could be that people are taking Workday at face value and measuring it against what the others are saying.
Some of it might be that people recognized that their knee-jerk reaction back then cost them a lot of money.
Plus the corollary trade -- the one that said as rates go higher, sell these stocks -- is playing out. Rates are lower, so they are buying back these stocks. The employment report is a sober reminder that wages aren't going higher, so it's difficult to keep selling bonds the way they have. Talk about oversold.
Or maybe it is a sign that redemptions are complete at the hedge funds that own these kinds of stocks.
Anyway, if you are a bull, you are delighted that the early Workday spillover is contained.
But there's plenty of time left before the bell.