|Day Low/High||30.07 / 30.73|
|52 Wk Low/High||15.10 / 40.07|
It will not collapse on valuation, fraud, currently non-existent inflation or its own weight. But here's what could knock it off its feet.
All the current indicators from trend to momentum to price action sit in a bullish position as the stock breaks above resistance.
This was a name I had been very bullish on but the story has changed enough that I need to reconsider my stance.
Here we look at the S&P and ES futures, as well as Slack and Wynn Resorts.
While still reporting healthy revenue and billings growth, Slack and some other software high-flyers are also seeing some demand headwinds.
They need a rest even more than the market does -- it's tough to keep pressing to the upside, especially when dealing with such unusual news flow.
* How big is the racial wealth gap? * The pandemic won't kill the open office, but Slack could. * How to measure consumer prices in a lockdown.
It has the potential to gain strong momentum as it's mainly a technical trade.
We've had quite a run, and I hate to violate net basis, which is a long, long way off.
What is most notable is that the Covid-19 plays are leading again.
Market players are trying to navigate the rotational action.
Some -- though not all -- of the extra hardware, software and services spending currently happening would have likely taken place at a later date.
This is still a stock-pickers market as pessimists and optimists battle it out.
This is a stock worth owning as telecommuting options are likely to outlive the pandemic.
I don't have a cute acronym, but I guess we could say this is the GPS to find relative value.
We have little choice but to respect the price action above all else.
I see no reason to put much money into longer-term positions right now, but here are some of my biggest positions.
SMAR is one of the few names not releasing earnings right now, and appears an attractive play.
Stocks are not moving in highly correlated action, which favors stock-pickers and technical buyers.
Try a half-size position and watch for this entry point to add more if you want to play Slack before earnings in June.
Intraday trends -- relentless trends -- are becoming the name of the game, so let's focus on the rotation from Nasdaq names into the Russell 2000 and financials.